Oswal Pumps plans to establish a 1.2 GW solar cell manufacturing facility based on TOPCon technology. The project is expected to cost approximately INR 4.56 billion ($48.1 million), of which INR 2.96 billion will be financed through debt.
Oswal Pumps expects the facility to begin commercial production by April 2028.
The company said the entire output will be used by OSEPL's in-house solar module production lines. Once operational, the 1.2 GW facility is expected to meet approximately 75% of OSEPL's solar cell requirements, with the remainder sourced from external suppliers.
The remaining INR 1.60 billion will come from unutilized proceeds of the company's initial public offering. Oswal Pumps currently operates 570 MW of solar module manufacturing capacity, with an additional 1 GW under construction.