Shakti Pumps inks deal with AP govt

MUMBAI: Shakti Pumps (India) Ltd, water pumps manufacturer, today said it has signed an agreement with the Andhra Pradesh government to supply energy efficient pumps to its water supply department.

The company entered into an agreement with the Panchayat Raj Engineering and Rural Water Supply Department to supply energy efficient pumps to these departments of the Andhra Pradesh government, Shakti Pumps said in a communique to the Bombay Stock Exchange.

However, the company did not disclose the financial details of the agreement.

Usage of these pumps would result into power saving of up to 40 per cent due to energy efficient feature of the pumps, the company said.

Further, the Andhra Pradesh government has also agreed to replace existing conventional pumps by Shakti's energy efficient pumps.

Shakti Pumps also plans to approach all the state governments for such agreements, with an expectation to boost up its revenue and profitability.

Shares in the company were last trading at Rs 199.50, up 5.81 per cent on the BSE in morning trade.