Shakti Pumps shares gain after it receives $6 million advance from Uganda

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26 Aug, 2025 12:21

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Shares of Shakti Pumps India were in huge demand on September 27 after the company said it received funds in advance for the pumps it will be supplying to the government of Uganda.

The pump maker in a regulatory filing said it has received an advance of $6 million from Export‐Import Bank of India (EXIM bank) on behalf of the Ugandan government represented by the Ministry of Water and Environment for supplying solar‐powered water pumping systems. The company will begin the project execution from October 2022.

The stock rose over 7 percent to Rs 519 on the BSE.

Shakti Pumps was awarded a contract in March 2021 from the Government of Uganda for supply of solar-powered water pumping systems at a contract price of $35.30 million exclusive of VAT.

“It is a moment of pride for us at Shakti Pumps for partnering with the Government of Uganda on this project. This will augur well with our green energy expansion plans in Africa while generating employment opportunities for the local citizens,” said Dinesh Patidar, Chairman and
Managing Director, Shakti Pumps.

“Export remains our focus area which has contributed 15.7 percent of revenue in FY22 amounting to around Rs 1,851 million with the continent currently contributing 10 percent share in the overall export business for Shakti Pumps.”

The company said that going forward, this successful implementation of solar‐pumps in Uganda would likely encourage other African countries to partner with it for similar mid‐sized projects.

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