Waaree Renewable Technologies Limited has announced board approval for a significant strategic acquisition that will strengthen its position in the renewable energy sector. The company's board meeting held on January 26, 2026, approved the acquisition of approximately 55% stake in Associated Power Structures Limited for INR ~1,225 crores.

Acquisition Details

The transaction involves acquiring ~55% of the equity share capital of Associated Power Structures Limited (ASPL) through a combination of primary and secondary transactions. The acquisition is structured as a cash consideration deal and is subject to completion of due diligence and customary closing conditions.

Target Company Profile

Associated Power Structures Limited, incorporated on May 21, 1996, operates in the power transmission and distribution infrastructure sector. The company has established a strong financial foundation with significant growth in recent years.

Financial Performance

Revenue Growth Trajectory

The company has demonstrated remarkable growth, with turnover nearly tripling from FY23 to FY25, showcasing strong business momentum and market expansion.

Strategic Rationale

This acquisition represents part of WRTL's strategic initiative to expand its presence and strengthen capabilities across the renewable energy and energy efficiency ecosystem. ASPL operates in a complementary sector that aligns with WRTL's long-term vision of integrated clean energy solutions.

The transaction is not classified as a related party transaction, with no promoter or group company interests in the target entity. ASPL has international presence, having undertaken business operations in several countries, which could provide additional growth opportunities for the combined entity.

Corporate Structure Impact

Following completion of the acquisition, Associated Power Structures Limited will become a subsidiary of Waaree Renewable Technologies Limited. The transaction requires no specific governmental or regulatory approvals, facilitating a smoother acquisition process.

The board meeting commenced at 11:38 AM and concluded at 11:58 AM on January 26, 2026, with the acquisition proposal receiving unanimous approval from the directors.

Waaree Renewable Technologies Limited has finalized a significant Engineering, Procurement and Construction (EPC) agreement for developing a solar power facility in Uttar Pradesh. The company disclosed this development through a regulatory filing under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Project Specifications and Contract Details

The EPC contract involves the development of a ground mount solar photovoltaic plant with a capacity of 10 MWac/14 MWp on a turnkey basis. The project has been awarded by a domestic entity described as a manufacturer and supplier of industrial gases.

Timeline and Commercial Terms

The commercial order is scheduled for completion during the financial year 2026-27, as per the terms specified in the contract. The company received intimation of this order on January 19, 2026, at 05:08 p.m. (IST).

Regulatory Compliance and Transparency

The company has confirmed that this contract does not involve any related party transactions and that promoters or group companies have no interest in the entity that awarded the order. The disclosure was made in compliance with SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

Company Background

Waaree Renewable Technologies Limited operates as a subsidiary of Waaree Energies Limited and is headquartered in Mumbai, Maharashtra. The company specializes in renewable energy solutions and EPC services for solar power projects across India.