Waaree Energies Limited has announced the incorporation of eight step-down subsidiaries through its wholly-owned subsidiary Waaree Forever Energies Private Limited. The company informed stock exchanges on January 16, 2026, that certificates of incorporation for all eight entities have been received.

Corporate Structure and Ownership

The newly incorporated companies are wholly-owned subsidiaries of Waaree Forever Energies Private Limited, which itself is a wholly-owned subsidiary of Waaree Energies Limited. This creates a step-down subsidiary structure that provides operational flexibility for the company's expanding power generation portfolio.

Newly Incorporated Entities

The eight subsidiaries were incorporated over a three-day period in January 2026, with specific incorporation dates as follows:

Business Purpose and Industry Focus

All eight companies are incorporated specifically for Independent Power Producer (IPP) operations. The entities are designed to facilitate and hold specific power projects under the IPP framework, expanding Waaree Energies' presence in the power generation sector.

Key aspects of the new subsidiaries include:

• Dedicated focus on IPP projects
• Strategic positioning for power project development
• Enhanced operational structure for project management
• Expansion of the company's renewable energy portfolio

Regulatory Compliance

The incorporation announcement was made pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure follows SEBI circular SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, ensuring full regulatory compliance.

Since these are newly incorporated entities, they currently have no turnover or operational history. The companies are registered in India and will operate under the regulatory framework governing Independent Power Producers in the country.

Waaree Energies Limited has announced the formation of eight new subsidiaries under its holding company Waaree Forever Energies Private Limited. This corporate development marks a significant expansion in the company's organizational structure as it continues to build its renewable energy portfolio.

Corporate Structure Expansion

The renewable energy company has established these subsidiaries as part of its strategic business expansion. All eight newly formed entities have been incorporated and registered within India, demonstrating the company's commitment to strengthening its domestic operations.

Current Operational Status

While the subsidiaries have completed their registration process, none of the eight entities have commenced their business operations yet. The companies remain in their pre-operational phase as they prepare for future business activities.

Strategic Implications

This corporate restructuring initiative positions Waaree Energies to potentially diversify its business operations across multiple entities. The establishment of these subsidiaries under Waaree Forever Energies Private Limited creates a structured framework for future business expansion and operational efficiency.

The formation of multiple subsidiaries allows for better organizational management and could facilitate focused business operations across different segments of the renewable energy sector. This move aligns with the company's growth strategy in the expanding Indian renewable energy market.