Waaree Energies Limited's subsidiary, Waaree Energy Storage Solutions Pvt Ltd (WESSPL), has successfully completed a major funding round, raising ₹1,003.00 crores from strategic investors including family offices, high-net-worth individuals, and institutional backers. This significant capital infusion marks a substantial milestone for the company's energy storage division and reflects strong investor confidence in India's renewable energy sector.

Strategic Manufacturing Initiative

The fundraising is part of an ambitious ₹10,000.00 crore capex plan for establishing a 20 GWh advanced lithium-ion cell and battery pack manufacturing facility. This strategic investment positions WESSPL at the forefront of India's energy storage ecosystem and directly supports the nation's clean energy transition objectives.

Manufacturing Focus and Applications

The planned facility will focus on producing high-performance cells and battery packs tailored for multiple applications including utility-scale storage systems, electric mobility, and distributed energy applications. The facility represents a significant expansion in India's domestic energy storage manufacturing capacity and is designed to reduce import dependence for battery technology. This capacity expansion complements Waaree Group's existing solar module and inverter manufacturing operations, positioning the company as an integrated renewable energy solutions provider.

Leadership Perspective

Commenting on the fund raise, Mr. Ankit Doshi, Director of WESSPL, stated: "This successful fund raise underscores the confidence that our investor community places in our vision to build world-class energy storage manufacturing in India. With these strategic resources, we will fast-track the commissioning of our 20 GWh cells and battery pack facility, strengthen domestic supply chains, and contribute to the growth of India's energy storage capacity."

Strategic Market Position and Stock Performance

With this investment, Waaree Group is evolving into a fully integrated energy transition player, spanning solar modules, inverters, batteries, energy storage systems, and emerging clean energy technologies. The 20 GWh facility will serve as a cornerstone in achieving India's strategic objective of fostering deeper domestic manufacturing in energy storage technologies while reducing reliance on imports.

The project aims to generate employment and drive technological innovation in the storage sector while supporting grid stability, renewable energy integration, and transport electrification. This initiative supports national sustainable energy goals while enhancing local manufacturing capabilities in the energy storage ecosystem.

Waaree Energies Limited has disclosed receiving multiple GST demand orders from different tax authorities, marking significant regulatory developments that the company plans to contest through appropriate legal channels.

Latest GST Demand Orders

The company has received two separate demand orders on December 30, 2025. The Assistant Commissioner, Division-IV, CGST & CE Surat issued the first order, while the Assistant Commissioner of State Tax (INV-01), Investigation-A, Mumbai issued the second order, both under Section 74 of the CGST Act, 2017.

Surat Authority Demand Details

The Surat order involves multiple components of alleged violations. The Input Tax Credit (ITC) amounting to ₹80.60 lakh (IGST) has been demanded along with applicable interest and penalty of ₹80.60 lakh under Section 74(1) of the CGST Act, 2017.

Mumbai Authority Assessment

The Mumbai order shows a reduction from the original proposed demand. A Show Cause Notice was initially issued proposing a demand of ₹7.91 crores for the tax period April 2021 to March 2022. After examination of the company's reply and records, relief of ₹5.42 crores has been allowed, resulting in the final demand of ₹2.48 crores.

Alleged Violations

The demand orders cite several compliance issues across different periods. The Surat order relates to Input Tax Credit availed on IPO-related expenses incurred during FY 2021-22 and FY 2022-23, non-reversal of ITC due to non-payment of consideration to suppliers, and non-payment of interest on consideration not paid to suppliers within 180 days.

The Mumbai order alleges that the company had availed ineligible Input Tax Credit, claimed excess ITC in GSTR 3B which is not confirmed in GSTR 2B, and had not carried out cross-charging of common Input Tax Credit.

Company's Response and Impact Assessment

Waaree Energies has stated that there is no impact on the company's financials, operations, or other activities due to these assessment orders. The company emphasized its commitment to addressing both matters through proper legal channels and believes it has strong legal and factual grounds to contest the findings.

The company maintains that it has duly discharged its applicable GST liabilities in accordance with the law, and these matters primarily involve issues of legal interpretation. Both orders are not final and are appealable under the provisions of the Central Goods and Services Tax Act, 2017.