India Manufacturing Funding Roundup: Key Deals Apr (20–26)

Renewable Energy: Solar EPC Boom and Manufacturing Self-Sufficiency

Sterling and Wilson Renewable Energy (SWREL) emerged as a major beneficiary, securing domestic orders worth approximately ₹3,550 crore. The bulk of this — around ₹3,490 crore (including operations & maintenance and taxes) — comes from Coal India Ltd for a turnkey 875 MW AC grid-connected solar photovoltaic project in Bikaner, Rajasthan. SWREL was declared the lowest bidder (L1) for the project located in the Rajasthan Rajya Vidyut Utpadan Nigam’s solar park. An additional order for a 50 MW AC solar project in Maharashtra from a private independent power producer (IPP) contributed the remaining value. These wins have pushed SWREL’s FY26 EPC order inflows beyond ₹10,000 crore.

• The projects are expected to accelerate India’s renewable capacity addition while creating significant construction and long-term O&M employment opportunities.
• Strong order inflows reflect robust demand for solar EPC services amid falling module prices and policy support for grid-connected solar parks.

In a boost to upstream manufacturing, Shakti Pumps (India) Limited infused capital into its wholly owned subsidiary, Shakti Energy Solutions Limited (SESL), to establish a greenfield 2.20 GW high-efficiency Domestic Content Requirement (DCR) solar cell and PV module manufacturing plant in Pithampur, Madhya Pradesh. The move aims to strengthen vertical integration and support India’s push for self-reliance in the solar value chain.

• The investment (recent tranches reported around ₹5-7 crore in equity) supports a fully integrated high-efficiency solar manufacturing setup compliant with DCR norms.
• This expansion will help reduce dependence on imported solar cells and modules, aligning with India’s PLI scheme objectives for domestic manufacturing.
• Pithampur location leverages existing industrial infrastructure in Madhya Pradesh, potentially lowering logistics costs for solar projects in central and western India.

Andhra Pradesh Chief Minister N. Chandrababu Naidu laid the foundation stone for ReNew Energy Global’s 6.5 GW solar ingot and wafer manufacturing facility at Rambilli in Anakapalli district. The project involves an investment of around ₹4,200–5,400 crore and is expected to be commissioned within 24 months, creating over 2,100 direct and indirect jobs while bolstering the state’s renewable energy ecosystem.

• This is one of India’s first large-scale greenfield solar ingot-wafer facilities, targeting critical upstream components to reduce heavy reliance on Chinese imports.
• The project reinforces Andhra Pradesh’s ambition to become a major clean energy manufacturing hub, building on recent investments in the Visakhapatnam region.

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Nuclear Energy: Adani Power Establishes Dedicated Subsidiary

Following recent policy reforms and the launch of the Nuclear Energy Mission, Adani Power has incorporated Coastal-Maha Atomic Energy Limited (CMAEL) as a step-down wholly owned subsidiary. The new entity will focus on the generation, transmission, and distribution of nuclear power, marking a significant diversification for the group and aligning with India’s long-term atomic energy goals.

• CMAEL was incorporated in mid-April 2026 with an initial authorised capital, positioning Adani Group to explore opportunities under India’s evolving nuclear policy framework (including potential private sector participation).
• This move diversifies Adani Power’s portfolio beyond thermal and renewable assets, supporting India’s target of significantly scaling up nuclear capacity for baseload clean power.

Electric Vehicles: Major Fleet Electrification Deal

In the EV space, Drivn (an EV leasing platform focused on heavy commercial fleets) signed a Memorandum of Understanding (MoU) with Energy in Motion (EIM), an associate venture of Ravindra Energy Ltd and a leading OEM for battery-swapping-enabled heavy-duty electric trucks. The partnership aims to deploy approximately 1,000 electric heavy-duty trucks across India over the next two years. The collaboration integrates vehicle supply, leasing/financing solutions from Drivn, and EIM’s energy and battery-swapping infrastructure to lower barriers for fleet operators transitioning to electric mobility.

• The model combines EIM’s battery-swapping technology (vehicles supplied without battery packs) with Drivn’s financing and leasing expertise, addressing high upfront costs for fleet owners.
• This initiative targets the heavy commercial vehicle segment, which has high potential for emissions reduction and fuel cost savings in logistics and mining operations.

Also Read: Ashwini Vaishnaw Sets 2027 Timeline for Vande Bullet Rollout

Defence: Record Capital Outlay and Indigenous Procurement

The Ministry of Defence highlighted a strong push for modernisation, with capital expenditure for FY 2026-27 pegged at ₹2.19 lakh crore — a 22% year-on-year increase. A significant portion targets aircraft, aero-engines, and other advanced systems, reinforcing self-reliance in critical defence technologies.

• Nearly 75% of the capital acquisition budget is earmarked for domestic industry under Aatmanirbhar Bharat, boosting indigenous manufacturers and reducing import dependence.
• The allocation supports modernisation across the Army, Navy, and Air Force, including responses to recent operational requirements and long-term capability building.
• This represents one of the highest capital defence outlays in recent years, signaling strong government commitment to both readiness and indigenisation.

On the procurement front, the MoD signed contracts worth approximately ₹975 crore with Bharat Earth Movers Limited (BEML) and Electro Pneumatics and Hydraulics (India) Private Limited for TRAWL Assemblies (mine-clearing systems) for the Indian Army’s T-72 and T-90 tanks. The DRDO-developed systems will enhance minefield breaching capabilities. The contracts, signed in the presence of Defence Secretary Rajesh Kumar Singh, fall under the 'Buy (Indian-IDDM)' category, further advancing indigenisation.

• BEML received a major portion (~₹590 crore) while Electro Pneumatics secured the balance for manufacturing the DRDO-designed trawl systems.
• These mine-clearing attachments significantly improve the operational effectiveness and safety of India’s main battle tank fleet in contested environments.
• The contracts exemplify successful public-private collaboration in delivering DRDO technologies at scale under the indigenous design, development, and manufacturing (IDDM) route.

Additionally, around ₹17,250 crore has been earmarked for indigenous Research & Development (part of DRDO’s broader allocation), with priority on AI-driven battlefield systems, naval fleet modernisation, missiles, sensors, unmanned systems, and next-generation technologies.