Oswal Pumps approves 1.2 GW TOPCon solar cell plant in Haryana
Oswal Pumps, through subsidiary Oswal Solar Energy, has approved a 1.2 GW TOPCon solar cell plant in Karnal, Haryana. The estimated Rs 4.56 billion investment includes debt and IPO proceeds, and the output will be used captively by its module lines. Commercial production is targeted for April 2028, supporting domestic-content requirements for programmes such as PM KUSUM and PM Surya Ghar.
Oswal Pumps Limited is entering solar cell production through its fully owned unit, Oswal Solar Energy Private Limited. The approved Karnal, Haryana, site would have 1.2 GW TOPCon cell capacity. Funding combines Rs 2.96 billion in debt with about Rs 1.60 billion from unused IPO proceeds.
The cells are meant for OSEPL’s own module lines, covering roughly three-quarters of its cell needs. This captive supply is intended to meet domestic-content rules for programmes such as PM KUSUM and PM Surya Ghar. The company also received a September 2026 Telangana rooftop solar LOI for 46,705 kW across 9,937 government schools in 33 districts.
If built on schedule, this could strengthen India’s domestic solar supply chain, potentially reducing reliance on imported cells for government-backed rooftop and agricultural solar schemes. Local workers and suppliers in Karnal may see construction and manufacturing opportunities, while schools in Telangana could benefit if the separate rooftop plan proceeds. However, actual benefits depend on timely commissioning, cost competitiveness, and demand from module lines and public programmes.