Shakti Pumps receives advance worth USD $6 million from EXIM Bank; stock rallies ~6%

27 Sept 2022 , 12:30 PM

Shakti Pumps (India) Limited (SPIL), India's leading manufacturer of energy-efficient pumps and motors, has received a USD 6 million (Rs48.83 crore approx.) advance from the ExportImport Bank of India (EXIM bank) on behalf of the Ugandanian Government, represented by the Ministry of Water and Environment, for the supply of solar powered water pumping systems. The business will start working on the project in October 2022.

The Government of Uganda granted the firm a contract in the month of March 2021 for the provision of solar-powered water pumping systems at a contract price of USD 35.30 million, exclusive of VAT.

Shakti Pumps has already received permission for two patents for its unique products, out of the 29 patents filed, providing the firm an advantage over rivals in India and foreign markets in the renewable energy area.

Going forward, the successful installation of solar pumps in Uganda will very certainly motivate other African countries to collaborate with us on similar midsized projects. We are currently a preferred partner for important export markets such as the United States and the Middle East, thanks to our extensive roadmap and cutting-edge in-house R&D infrastructure, said the company in its press release.

At around 12.28 PM, Shakti Pumps was trading at Rs516.10 up by 6.48% from its previous closing of Rs484.70 on the BSE. The scrip touched intraday high and low of Rs526 and Rs490 respectively.

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