On October 7, 2024, Latteys Industries Limited (CIN: L29120GJ2013PLG074281), a leading company in the solar energy sector, announced the receipt of a significant work order from Diligent Services, Ranchi, and Ultech Energies, Maharashtra for the supply of Solar Submersible Pumps to the State Governments of Jharkhand and Maharashtra. This order, valued at approximately Rs. 1.875 Crore, plus GST, represents a substantial step forward for Latteys Industries in enhancing its presence in the government sector and expanding its footprint in the renewable energy market.

Key Details of the Work Order

As per the details of the work order, Latteys Industries is tasked with providing solar submersible pumps to various government departments in Jharkhand and Maharashtra. The contract is categorized as a work order, and the company is required to complete the supply within a period of three months from the date of the award letter. This tight timeline underscores the urgency and scale of the project, which will play a crucial role in supporting the governments' renewable energy initiatives in these states.

Significance of the Contract

The Rs. 1.875 Crore order marks a pivotal moment for Latteys Industries as it deepens its involvement in the solar energy sector, which has been growing rapidly in India due to the country's commitment to renewable energy goals. Solar pumps, particularly submersible pumps, are critical for rural water supply systems, irrigation, and other agricultural applications, contributing to the broader objective of improving rural infrastructure and promoting sustainable agriculture.

This development highlights Latteys Industries’ increasing prominence in the solar pump market, as it positions itself as a key player in fulfilling India's energy and sustainability goals. The company's involvement in government projects also reflects its growing credibility and trust among key stakeholders in both the government and corporate sectors.

Transparency and Regulatory Compliance

In line with SEBI regulations, Latteys Industries has made the necessary disclosures regarding this work order under Regulation 30 of SEBI (LODR) Regulations, 2015. The company has provided detailed information regarding the contract terms, including the order size, execution timeline, and the parties involved in the award of the contract.

The company further confirmed that the order was awarded by domestic entities, with no related party transactions involved. This ensures the transparency of the process and compliance with corporate governance standards. Moreover, Latteys Industries has assured investors and stakeholders that there is no involvement of the promoter group or group companies in the awarding entity, ensuring that the transaction is conducted at arm’s length.

Future Prospects

The order from the State Governments of Jharkhand and Maharashtra not only strengthens Latteys Industries’ position in the renewable energy sector but also opens the door for future opportunities in solar infrastructure projects across India. The company’s ability to execute such large-scale orders successfully will likely enhance its credibility, paving the way for additional government contracts and private sector partnerships in the solar energy space.

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