Waaree Energies Limited has announced the incorporation of its wholly-owned subsidiary, Waaree Renewable Energies Australia PTY Limited, established on December 6, 2024. The new entity, based in Australia, marks Waaree’s strategic expansion into the renewable energy sector in the country.
As per the company’s regulatory filing under Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements, the subsidiary will engage in renewable energy business operations. Since it is newly established, its financial history and turnover details are currently unavailable.
The incorporation process did not require any governmental or regulatory approvals. Waaree Energies holds a 100% stake in the subsidiary through full subscription to its share capital at face value. Since Waaree Renewable Energies Australia PTY Limited is fully owned by the parent company, it qualifies as a related party, though Waaree’s promoters have no direct interest in the new entity.
The primary objective behind establishing the subsidiary is to expand Waaree’s renewable energy business in the Australian market, aligning with the company’s global growth strategy. This move reflects Waaree’s ongoing commitment to scaling its international presence and contributing to the global renewable energy landscape.
The company has shared the required disclosure details with SEBI, adhering to the compliance norms outlined in SEBI’s circular dated July 13, 2023.
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