Waaree Renewable Acquires 55% Stake in APSL for ₹1,225 Crore

Waaree Renewable Technologies has signed a deal to acquire a majority stake in Gujarat-based Associated Power Structures Limited (APSL) for ₹1,225 crore. The acquisition marks Waaree Group’s strategic entry into the power transmission and grid infrastructure segment, strengthening its end-to-end clean energy ecosystem.

Waaree Renewable Acquires Majority Stake in APSL for ₹1,225 Crore

Waaree Renewable Technologies, a leading company in India’s renewable energy sector, has entered into an agreement to acquire a 55% stake in Gujarat-based Associated Power Structures Limited (APSL). The deal is valued at approximately ₹1,225 crore.

With this acquisition, the Waaree Group will directly enter the power transmission and grid infrastructure business, a critical segment for the large-scale deployment of renewable energy projects across the country.

According to the company, the transaction will be completed through a combination of investment in new shares and the purchase of secondary shares from existing shareholders. Upon completion of the deal, APSL will become a subsidiary of Waaree Renewable Technologies. Post-investment, APSL’s valuation is estimated at around ₹2,800 crore.

APSL’s Business Operations and Financial Strength

Founded in 1996, Associated Power Structures Limited operates in the power transmission and distribution infrastructure space across India and select international markets.

Key Financial Highlights (FY2025):

• Turnover: ₹1,226.64 crore

• Total Assets: ₹834.15 crore

Waaree Renewable’s Chief Financial Officer Manmohan Sharma stated that APSL’s business significantly strengthens Waaree’s renewable energy portfolio and aligns well with the company’s long-term growth strategy.

Building an End-to-End Clean Energy Platform

Waaree Renewable said the acquisition will enhance its ability to deliver end-to-end clean energy solutions. The company will now be able to integrate power generation, EPC (Engineering, Procurement and Construction), and grid infrastructure on a single platform.

Waaree Group is working towards creating an integrated multi-energy global platform, with major investments planned across:

• Battery storage

• Inverters

• Transformers

• Power infrastructure

• Electrolysers

These investments aim to strengthen the overall green energy ecosystem.

Previous Acquisitions and Future Expansion Plans

Over the past year, Waaree Group has also acquired:

• Transformer manufacturing company Kotsons

• Smart meter company Racemosa Energy

In addition, the group has outlined a ₹30,000 crore capex plan across solar manufacturing, energy storage, and related segments.

Recently, Waaree Energy Storage Solutions raised ₹1,000 crore. This funding will be used to set up a 4 GWh lithium-ion cell manufacturing facility, scheduled to commence operations next year, giving a major boost to Waaree’s energy storage business.

Waaree Energy’s Global Position

Waaree Energy currently has 25 GW of solar module manufacturing capacity, making it one of the largest solar module manufacturers outside China.

The company aims to reduce the contribution of solar modules to below 40% of its total revenue over the next five years.

Beyond modules, Waaree has:

• 5.4 GW solar cell capacity, expected to exceed 15 GW by the next financial year

• Plans to establish 10 GW ingot and wafer manufacturing capacity

Inverter Manufacturing and Deal Timeline

Waaree Energy’s subsidiary Waaree Power has commenced Phase 1 of its 3 GW inverter manufacturing facility at Sarodhi, Gujarat. Phase 2, which will add 1 GW of additional capacity, is expected to become operational by FY2027.

The acquisition of Associated Power Structures Limited is expected to be completed by April 30, subject to regulatory approvals and due diligence. Singhi Advisors acted as the strategic and financial advisor to Waaree Renewable Technologies for this transaction.