Athira Sethu
Kochi, 27 Jan 2026
Waaree Renewable Technologies has announced the acquisition of a 55% stake in a Gujarat-based firm named Associated Power Structures Ltd (APSL) for ₹1,225 crore. This acquisition marks the entry of the Waaree Group into the power transmission and grid infrastructure sector, which is highly significant for the development of renewable energy sources such as solar and wind energy.
The investment will be made through the purchase of new shares and existing shares of APSL. Waaree Renewable is a subsidiary of Waaree Energies, and this news was announced by the company through an official statement. After this acquisition, APSL will become a subsidiary of Waaree Renewable Technologies. With this acquisition, the total value of APSL will be ₹2,800 crore.
APSL was established in 1996 and deals with power transmission and distribution infrastructure in India and some international countries. During the financial year 2024-25, the company reported a turnover of ₹1,226.64 crore and had total assets of ₹834.15 crore. According to Manmohan Sharma, the Chief Financial Officer of Waaree Renewable, the business of APSL aligns well with the renewable energy business of Waaree.
According to Waaree Renewable, this acquisition will enable the company to provide end-to-end solutions in the clean energy sector. This will mean that the company will be able to provide everything in one place, right from the generation of power to engineering services, and then the transmission and grid infrastructure. The company is working towards developing a global multi-energy platform.
Waaree Group is also investing in other sectors such as battery storage solutions, inverters, transformers, power infrastructure, and electrolyzers for green energy solutions. In the last year, the group has acquired Kotsons, a transformer manufacturing company, and Racemosa Energy, a smart meter company.
The group has also planned a capital investment of approximately ₹30,000 crore in solar manufacturing, energy storage solutions, and other related businesses. Recently, Waaree has raised ₹1,000 crore for its battery subsidiary, Waaree Energy Storage Solutions, which is planning to set up a 4 GWh lithium-ion battery cell manufacturing facility next year.
At present, Waaree Energies has a solar manufacturing capacity of 25 GW, making it the largest solar module manufacturer outside of China. Over the next five years, the company plans to cut its reliance on solar modules, such that solar modules will contribute less than 40% to its total revenues.
The agreement with APSL is expected to be finalized by April 30, pending approvals and due diligence. Singhi Advisors was the financial and strategic advisor to Waaree Renewable in this transaction.
