On 27th September, the shares of Shakti Pumps India were witnessed in huge demand just after the company declared that it received advance funds for the pumps that would be supplied to the Government of Uganda.

In a supervisory filing, the pump manufacturer said that it had received an advance of $6 million from the Export‐Import Bank of India (EXIM) on behalf of the Ugandan Government embodied by the Ministry of Water and Environment for delivering solar‐powered water pumping structures. The company will begin its project execution in October 2022. Thus, the stock rose over 7% to Rs 519 on the BSE.

Shakti Pumps has bestowed a contract in March 2021 from the Government of Uganda to export solar-powered water pumping systems at a bond price of $35.30 million exclusive of VAT. “It is a moment of pride at Shakti Pumps and for us for associating with the Government of Uganda on this project. This will foretell well with our green energy expansion tactics in Africa while engendering employment opportunities for the local citizens,” said Dinesh Patidar, Chairman and Managing Director (MD) of Shakti Pumps.

“Export remains our core area which has contributed 15.7% of the revenue in FY22 amounting to around Rs 1,851 million with the continent presently contributing 10% share in the inclusive export business for Shakti Pumps.” The company said that going forward with this effective implementation of solar pumps in Uganda would likely inspire other African countries to partner with it for similar mid‐sized projects.