Waaree Enters Transmission Business With ₹1,225 Cr Acquisition of Associated Power

Waaree Renewable Technologies Limited (WRTL), a subsidiary of Waaree Energies, on Monday announced the acquisition of Gujarat-based power transmission operator Associated Power Structures Limited (ASPL) for ₹1,225 crore.

The deal will give Waaree Renewable a nearly 55% stake in ASPL and marks its foray into the grid and transmission infrastructure business.

According to a company statement, the transaction will be funded through a mix of primary and secondary investments, subject to the completion of due diligence and customary closing conditions.

Founded in 1996, Associated Power Structures Limited operates in power transmission and distribution infrastructure, with projects across India and select international markets. For the financial year ended March 31, 2025, ASPL reported a turnover (including other income) of ₹1,226.64 crore and a net worth of ₹339.53 crore.

Following the transaction, ASPL will become a subsidiary of Waaree Renewable Technologies Limited. The acquisition will expand Waaree’s operations from power generation into grid and transmission infrastructure, supporting the deployment of renewable energy. The transaction is expected to be completed by April 30, 2026, subject to the fulfilment of agreed conditions.

“This acquisition is a decisive step forward in Waaree’s journey towards becoming a fully integrated energy transition company — what we internally call Waaree 2.0,” said Manmohan Sharma, CFO, Waaree Renewable Technologies Limited.

He added that Associated Power Structures brings deep domain expertise, execution strength, and a proven track record that complements Waaree’s renewable portfolio. “Together, we are well positioned to deliver end-to-end clean energy solutions across the value chain,” Sharma said.

Shares of Waaree Renewable Technologies rose 1.02% to ₹882.65 apiece at 1.05 pm on the NSE on Tuesday.

The transaction is expected to close by April 30, subject to customary conditions and due diligence, with Singhi Advisors acting as strategic and financial adviser.

Waaree Energies, currently the largest solar module manufacturer outside China with a capacity of 25 GW, aims to reduce its reliance on modules to below 40% of revenue over the next five years. The company is scaling up its solar cell capacity from 5.4 GW to over 15 GW in the next financial year, followed by 10 GW of ingot and wafer capacity. Its inverter arm, Waaree Power, has commissioned phase I of a 3 GW facility in Gujarat, with the remaining 1 GW expected by FY27.