Waaree Energies has announced the launch of two new fully owned Independent Power Producer (IPP) companies through its subsidiary. The newly established entities are named Windora Energy and Agni Vayu Energy.

Strategic Expansion

The launch of these two IPP companies represents a strategic move by the renewable energy company to expand its presence in the independent power production sector. Both Windora Energy and Agni Vayu Energy will operate as fully owned subsidiaries under the Waaree Energies umbrella.

Company Structure

The two new entities will function as Independent Power Producers, focusing on renewable energy generation. This expansion aligns with Waaree Energies' broader strategy in the renewable energy sector.

Conclusion

This development marks a significant step for Waaree Energies as it strengthens its position in the renewable energy market through diversification and expansion of its power production capabilities.

Waaree Energies Limited has announced the incorporation of two new subsidiaries through its wholly-owned subsidiary company. The solar energy equipment manufacturer informed stock exchanges about this corporate development on December 16, 2025, as part of its regulatory disclosure obligations.

New Subsidiary Incorporations

Waaree Forever Energies Private Limited, a wholly-owned subsidiary of Waaree Energies, has incorporated two new wholly-owned subsidiaries on December 16, 2025. The newly formed entities are:

Both companies received their Certificates of Incorporation on December 16, 2025, and are registered with the Registrar of Companies, Mumbai.

Business Objectives

The incorporation of these subsidiaries serves a specific strategic purpose within Waaree Energies' business expansion plans. According to the company's disclosure, both Windora Energy Private Limited and Agni Vayu Energy Private Limited have been incorporated for facilitating and holding specific power projects under the Independent Power Producer (IPP) framework.

Ownership Structure and Financial Details

The ownership structure of the new entities reflects a hierarchical arrangement within the Waaree Energies group:

As newly incorporated entities, both companies currently have nil turnover and are yet to commence their business operations. The acquisitions do not fall within related party transactions, and no governmental or regulatory approvals are required for these incorporations.

Regulatory Compliance

Waaree Energies made this announcement pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was made to both BSE Limited and National Stock Exchange of India Limited, ensuring compliance with stock exchange listing requirements. The company provided comprehensive details as required under SEBI circular SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

Strategic Implications

The incorporation of these subsidiaries represents Waaree Energies' expansion in the renewable energy sector, specifically targeting power generation projects. By establishing dedicated entities for IPP framework projects, the company is positioning itself to pursue opportunities in India's renewable energy market. This move aligns with the company's core business in solar energy equipment manufacturing and indicates vertical integration into power generation activities.