Oswal Pumps plans to invest $48 million in a TOPCon solar cell manufacturing facility in Karnal, in the Indian state of Haryana. Commercial production is expected to begin by April 2028, with the entire output earmarked for captive solar module manufacturing.
Indian solar pump, module and electric motor manufacturer Oswal Pumps Ltd. has announced plans to establish a 1.2 GW solar cell manufacturing facility based on tunnel oxide passivated contact (TOPCon) technology, as part of its efforts to expand backward integration.
The company’s board of directors has approved the proposed facility, which will be developed through its wholly owned subsidiary, Oswal Solar Energy Pvt. Ltd. (OSEPL).
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, securing a steady supply of domestically manufactured cells under India’s domestic content requirement (DCR) rules while reducing exposure to spot-market price volatility and supplier pricing.
The investment will also extend OSEPL’s operations from module assembly to cell manufacturing, potentially improving its cost structure, competitiveness in government-backed programs and long-term profitability.
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. The remaining INR 1.60 billion will come from unutilized proceeds of the company’s initial public offering (IPO), originally allocated to an aluminum frame facility and the remaining planned capacities of a 300 MW ethylene vinyl acetate (EVA) encapsulant facility and a 500 MW solar module facility.
The company plans to deploy the IPO proceeds toward the solar cell project by fiscal 2028.
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. It will be located in in Karnal, in the Indian state of Haryana.
The company currently operates 570 MW of solar module manufacturing capacity, with an additional 1 GW under construction.
“Bringing cell manufacturing in-house gives us greater control over quality, cost and timelines,” said Vivek Gupta, chairman and managing director of Oswal Pumps. “With ALMM List-II now in force, demand for domestically manufactured cells is set to rise sharply. We see this as the right opportunity to invest. Choosing TOPCon technology ensures we are building for the future, with higher efficiency and better long-term performance for our customers.”
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