In a meeting held on December 23, 2024, the Board of Directors of Waaree Energies Ltd. made several significant decisions, including approvals for major investments and changes in company leadership.
The board approved a capital expenditure of ₹551 crores for setting up a 300 MW Electrolyser manufacturing plant through its subsidiary, Waaree Clean Energy Solutions Private Limited. This plant will be part of the government’s Production-Linked Incentive (PLI) tender under the Ministry of New and Renewable Energy (MNRE) through SECI. The funding for this project will come from a combination of debt and internal accruals.
Additionally, the board authorized a capital expenditure of ₹2,073 crores for a 3.5 GWh Lithium-Ion Advanced Chemistry Storage Cell manufacturing plant under its wholly owned subsidiary, Waaree Energy Storage Solutions Private Limited. An investment of Rs. 650 crores will also be made in this project, which will similarly be funded by a mix of debt and internal resources.
Waaree Energies Ltd. also approved a capital expenditure of ₹130 crores for expanding its Inverter business via its subsidiary, Waaree Power Private Limited. The company’s contribution to this project will be up to ₹40 crores.
On the leadership front, Dr. Arvind Ananthanarayanan, a non-executive director of the company, submitted his resignation from the board, effective immediately, due to other professional commitments.
The board also approved the appointment of Mr. Amit Paithankar as an additional director and Whole-Time Director for a five-year term, effective from December 23, 2024. This appointment is subject to approval by the company’s shareholders.
These decisions reflect Waaree Energies’ commitment to expanding its presence in renewable energy and storage solutions, marking another step toward strengthening its market position. The company also emphasized that the details of these decisions will be available on their official website.
Discover more from SolarQuarter
Subscribe to get the latest posts sent to your email.
