Shakti Pumps India Ltd has said ground breaking ceremony for manufacturing booster pumps at Pithampur in Madhya Pradesh has been performed.

The company has planned to invest Rs 40 crore in the project to be operational by the end of this year with an annual capacity of 40,000 pumps. The company has raised Rs 18.75 crore from IFCI Venture Capital Ltd (under Green India Venture Fund) as equity component and will source Rs 10 crore each from SBI and Punjab National Bank as term loan.

The facility is expected to generate income of Rs 12 crore in FY 2012 and Rs 56 crore in FY 2013.

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