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Waaree Energies Limited is a solar module manufacturer in India. On April 21st, 2022, the National Company Law Tribunal Delhi Bench (NCLT), approved the resolution plan it submitted towards the acquisition of Indosolar Limited. Indosolar Limited is an Indian photovoltaic cell manufacturer. This was initiated by the lenders under the Insolvency Code 2016.
This acquisition will facilitate augmentation of solar cell manufacturing capacity of Waaree Energies to 5.4 GW from the currently planned 4 GW and will complement its planned expansion in solar module manufacturing.
In a statement, Waaree stated that it was grateful to the Hon’ble NCLT and for the approval of its resolution plan. After assessing the infrastructure, including utilities, and after ensuring that the latest generation of high-efficiency solar cells are being used at the module manufacturing plants in Gujarat, Waaree anticipates starting manufacturing operations within six months.