Waaree Energies Limited has announced a major expansion in its renewable energy portfolio through the incorporation of 15 new wholly-owned subsidiaries over one week. The company informed stock exchanges about these strategic developments in compliance with SEBI listing regulations.

December 17, 2025 Initial Incorporations

Waaree Forever Energies Private Limited, a wholly-owned subsidiary of Waaree Energies, initially incorporated three new subsidiaries on December 17, 2025. The certificates of incorporation were received on the same day.

December 18, 2025 Additional Incorporations

Following the previous day's incorporations, Waaree Forever Energies Private Limited incorporated two additional wholly-owned subsidiaries on December 18, 2025, with certificates of incorporation received on the same day.

December 22-23, 2025 Major Expansion

In the latest development, Waaree Forever Energies Private Limited incorporated ten additional wholly-owned subsidiaries, with certificates of incorporation received on December 23, 2025. This brings the total number of new subsidiaries to 15 within one week.

Business Objectives and Strategic Purpose

All 15 newly incorporated entities have been established with a specific focus on the Independent Power Producer (IPP) framework. These subsidiaries are designed to facilitate and hold specific power projects, indicating Waaree Energies' significant commitment to expanding its presence in the renewable energy sector.

Shareholding Structure and Compliance

Waaree Forever Energies Private Limited holds 100% share capital in all 15 newly incorporated companies. This structure ensures complete control and alignment with the parent company's strategic objectives in the renewable energy space.

The incorporation announcements were made pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosures follow the requisite format as specified under SEBI circular dated November 11, 2024, ensuring full transparency with stakeholders and regulatory authorities. The company has confirmed that these incorporations do not fall within related party transactions, and no governmental or regulatory approvals are required for these incorporations.

Waaree Energies Limited has announced a key senior management personnel change with the resignation of its Chief Marketing Officer, Nilesh Malani, effective December 10, 2025. The solar energy company disclosed this development under Regulation 30 of SEBI Listing Regulations on December 17, 2025.

Leadership Transition Details

The company has provided comprehensive details regarding the management change through its regulatory filing:

Professional Contribution and Achievements

During his tenure of nearly two years, Malani led the marketing efforts at Waaree Energies and played a crucial role in developing the new business of special modules. In his resignation letter addressed to Mr. Amit Paithankar, Whole-time Director and CEO, Malani highlighted his significant contributions to the company's growth.

Malani expressed gratitude for the opportunity to contribute to the company's growth and acknowledged the trust and support shown by the leadership team. He praised the dedication and talent of the entire Waaree team, describing it as "truly exceptional" and emphasizing the collaborative spirit fostered during his tenure.

Reason for Departure

The Chief Marketing Officer cited personal and professional reasons for his decision to resign. In his resignation letter, Malani stated that after careful consideration, he decided to transition to a new professional and personal chapter that aligns with his long-term aspirations and goals.

Regulatory Compliance

Waaree Energies filed the disclosure pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company also referenced SEBI circular SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, in its regulatory submission.

The company acknowledged a delay in reporting this change, describing it as unintentional and inadvertently missed due to an oversight. The information has been made available on the company's website at www.waaree.com for stakeholder reference.

Company Leadership Structure

The resignation was formally communicated by Rajesh Ghanshyam Gaur, Company Secretary and Compliance Officer, through the official regulatory filing. The company maintains its registered office at Western Edge-1, Western Express Highway, Borivali (E), Mumbai, and continues its operations in the solar energy sector under the leadership of the existing management team.