Waaree Renewable Technologies Limited to Acquire 55% Stake in Associated Power Structures for ₹1,225 Crore

Waaree Renewable Technologies Limited (WRTL), a subsidiary of Waaree Energies Limited, has approved the acquisition of approximately 55% equity stake in Associated Power Structures Limited (ASPL) for a total consideration of ₹1,225 crore, subject to due diligence and customary closing conditions.

The decision was approved by WRTL’s Board of Directors at its meeting held on January 26, 2026, in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The acquisition will be executed through a binding term sheet involving a mix of primary and secondary investments. Upon completion, ASPL will become a subsidiary of Waaree Renewable Technologies Limited. The transaction is expected to be completed by April 30, 2026.

Founded in 1996, Associated Power Structures Limited operates in the power transmission and distribution segment within the infrastructure sector. For the financial year ended March 31, 2025, ASPL reported a turnover of ₹1,226.64 crore, net worth of ₹339.53 crore, and total assets of ₹834.15 crore. The company has also undertaken projects across multiple international markets.

According to WRTL, the acquisition forms part of its strategic expansion plan to strengthen its capabilities across the renewable energy and energy efficiency ecosystem. ASPL’s operations in power transmission and distribution are considered complementary to Waaree’s long-term vision of delivering integrated clean energy solutions.

The company confirmed that the transaction does not qualify as a related party transaction, and that no promoters or promoter group entities have any interest in ASPL. The acquisition will be completed through cash consideration.

Over the past three financial years, ASPL has demonstrated strong growth, with revenues rising from ₹416.80 crore in FY23 to ₹1,216.91 crore in FY25, reflecting robust execution and expanding market presence.

Waaree Renewable Technologies stated that the acquisition will enhance its end-to-end renewable energy capabilities, strengthen project execution capacity, and support long-term growth in India’s expanding clean energy and infrastructure markets.