Waaree Renewable to buy 55% in Associated Power Structures for ₹1,225 crore

Waaree Renewable Technologies (WRTL) announced on Monday that its board has approved the acquisition of a 55 per cent stake in Associated Power Structures (ASPL), a power transmission and distribution company, for Rs 1,225 crore.

 

The acquisition is expected to be completed by April 30, 2026, subject to fulfilment of agreed conditions, the company said in a statement. After completion of the transaction, ASPL will become a subsidiary of WRTL, the listed engineering, procurement and construction (EPC) arm of the Waaree Group.

 

“This acquisition is a decisive step forward in Waaree’s journey towards becoming a fully integrated energy transition company. Associated Power Structures brings deep domain expertise, execution strength, and a proven track record that complements Waaree’s renewable portfolio,” WRTL CFO Manmohan Sharma said.

 

Founded in 1996, ASPL operates in power transmission, telecom, renewable energy and railway electrification, with a presence in India and select global markets. The company has a manufacturing capacity of 108,000 tonnes annually across two integrated facilities in Gujarat. It reported a turnover of Rs 1,226 crore for FY25.

 

For WRTL, in-house transmission and distribution capabilities enhance execution certainty, optimise project timelines, and strengthen delivery for utility-scale renewable projects, the company said. Global M&A advisory firm Singhi Advisors acted as the strategic and financial advisor to the company.

 

This is one of the many acquisitions by the Waaree Group in recent years as it aims to diversify across the renewable energy value chain and expand beyond power generation and EPC to transmission infrastructure, along with energy storage and other domains of renewable energy deployment.

 

In September last year, Waaree Energies, the holding company of WRTL, acquired a 64 per cent stake in transformer company Kotsons through a primary capital infusion of Rs 192 crore.