Waaree Technologies to acquire majority stake in transmission tower firm for ₹1,225 crore
Waaree Renewable Technologies Ltd (WRT) will invest ₹The company will acquire majority stake in power transmission towers manufacturer Associated Power Structures Ltd for Rs 1,225 crore, it said in a regulatory filing. The company expects to complete the transaction by April 30, 2026.
The listed engineering, procurement and construction (EPC) arm of Waaree Group will acquire 55% stake in the Vadodara-based firm through infusion of primary and secondary capital. About a quarter ₹A person aware of the deal said that Rs 1,225 crore earmarked for the deal will be injected into the company as capital, while the rest will be used to buy shares from existing shareholders.
Associated Power is an EPC company specializing in power transmission towers and substations. The company offers end-to-end design, manufacturing and implementation of transmission and substation EPC for high voltage DC lines up to 800 kV. The company has an annual production capacity of 108,000 mt at two facilities in Vadodara.
Expansion strategy
This acquisition will enhance WRT’s EPC capabilities, which focus on developing solar power plants for customers. This transaction is almost approaching Waaree Energies, the parent company of WRT and the publicly listed holding company of Waaree Group, is acquiring a 64% stake in transformer manufacturer Kotsons Pvt. Ltd through capital transfer of approx. ₹192 crore. Singhi Advisors, a mid-sized mergers and acquisitions firm, served as financial advisor for both transactions.
These acquisitions are part of Waaree Group’s broader efforts to rapidly diversify across the renewable energy value chain through acquisitions and capitalize on the rich valuations and revenues it has achieved in recent years amid the global push for clean energy. Some of Waaree’s previous acquisitions include smart electricity meters maker Racemosa Energy (India) Pvt. Ltd, solar inverters manufacturer Ewaa Renewable Techno Solutions Pvt. Ltd and solar cells manufacturer IndoSolar Ltd. The company also acquired listed Sangam Renewables Ltd in 2019, which was later renamed Waaree Renewable Technologies.
Waaree Energies has rapidly increased its production capacity in the last three years, reaching an annual module production of 22.8 gigawatts and an annual cell production capacity of 5.4 GW. Now he’s using cash flows from that business to fund his buying spree, diversifying into: power transmission, distribution, grid connection, EPC, batteries, inverters, transformers and electrolyzers. Company guided capital expenditures ₹25,000 crore in the coming years for this diversification plan.
“The backward and forward integration of Waaree will reduce earnings concentration,” analysts at Nuvama Institutional Equities wrote in a Jan. 22 note. “Adjacent green businesses such as inverters, electrolyzer plant, GH2 production and BESS capacity will provide a huge growth opportunity for decades.”
Shares of Waaree Renewable Technologies closed down 2.7% ₹878.25 on BSE on Friday. The scrip has lost almost a tenth since the beginning of 2026, compared to a 4.29% decline in the Sensex.
Waaree Energies closed 1.6% lower on BSE ₹2,597.8. There has been a loss of over 12 percent since the beginning of the year.
