Oswal Pumps is the fastest growing vertically integrated solar pump manufacturers in India in terms of revenue growth during the last three fiscals, with their revenues growing at a CAGR of 45.07% between Fiscal 2022 and Fiscal 2024. Oswal Pumps manufacture solar-powered and grid-connected submersible and monoblock pumps, electric motors comprising induction and submersible motors as well as solar modules, which Oswal Pumps sell under the ‘Oswal’ brand. Oswal Pumps have over 21 years of experience in pumps encompassing engineering, product design, manufacturing and testing. Oswal Pumps cater to the diverse requirements of end-users in the agricultural sector for irrigating fields; the residential sector for maintaining gardens and fountains, extracting water, supplying water to overhead tanks and cleaning households and small establishments; commercial premises such as shopping malls, offices and hotels; industries which use their pumps in boilers and water treatment, water transportation and sewage applications and use their electric motors in machinery applications and cooling tower systems. Oswal Pumps has commenced its operations in 2003 with the manufacturing of low-speed monoblock pumps. Over the years, Oswal Pumps expanded their operations to manufacture grid-connected high-speed monoblock pumps, gridconnected submersible pumps and electric motors. In March 2019, the Government of India launched the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan Scheme (“PM Kusum Scheme”) with a total ? 344 billion (USD 4.1 billion) central financial support with the objective of installing 1.40 million standalone solar agriculture pumps in off-grid areas to provide energy security for farmers, reduce the consumption of diesel, promote the use of renewable energy in the agricultural sector and reduce environmental pollution. The PM Kusum Scheme also focuses on the solarization of 3.50 million existing grid-connected agricultural pumps and provides subsidies to individual farmers who have grid-connected pumps to retrofit their pumps with solar panels. Recognizing the benefits provided by the PM Kusum Scheme, Oswal Pumps decided to leverage their extensive experience in pump manufacturing and expanded their operations to manufacture solar powered agricultural pumps in 2019. Oswal Pumps started supplying these pumps to players participating and providing Turnkey Solar Pumping Systems (defined below) under the PM Kusum Scheme, including Tata Power Solar Systems Limited. Oswal Pumps also supplied pumps to certain vendors empanelled under the Mukhyamantri Saur Krushi Pump Yojana launched by the Government of Maharashtra in 2019. Subsequently, in 2021, Oswal Pumps started offering 233 turnkey solar pumping systems comprising solar powered agricultural pumps, solar modules, mounting structures, pump controllers and their installations (“Turnkey Solar Pumping Systems”), either directly or through third party bidders under the PM Kusum Scheme.