Waaree Renewable Technologies (WRTL), the engineering, procurement and construction (EPC) arm of Waaree group, on Monday said it will acquire a nearly 55% stake in Associated Power Structures (ASPL), a power transmission firm, for Rs 1,225 crore. The deal will be through a mix of primary and secondary investment.
The acquisition is part of the Waaree 2.0 strategy of becoming an energy transition company, WRTL said, adding that its board has approved entering into a binding term sheet for the acquisition.
What did company CFO say?
Manmohan Sharma, chief financial officer, WRTL, said: “As renewable capacity scales rapidly in India and globally, robust transmission and distribution infrastructure becomes mission critical. Associated Power Structures brings deep domain expertise, execution strength, and a proven track record that complements Waaree’s renewable portfolio.”
The acquisition is expected to be completed by April 30, 2026, subject to the fulfilment of agreed conditions, the company said. Upon completion of the transaction, ASPL will become a subsidiary of Waaree Renewable Technologies.
Set up in 1996, ASPL is a power transmission and distribution infrastructure player, with operations across the country and select international markets. For FY25, ASPL reported a turnover (including other income) of Rs 1,226.64 crore and a net worth of Rs 339.53 crore.
What does this acqusition represent?
This acquisition represents a strategic milestone in Waaree’s transformation into an integrated energy transition company, strengthening its capabilities beyond generation into critical grid and transmission infrastructure—a key enabler of large-scale renewable energy adoption, WRTL said. Singhi Advisors acted as an exclusive strategic and financial adviser to the Waaree firm.
The Waaree group has made several acquisitions in the energy value chain in recent months. In September 2025, Waaree Energies, the group’s flagship module maker, acquired a 64% stake in Kotsons for about Rs 192 crore. Based in Alwar, Rajasthan, Kotsons is a transformer manufacturer with a production capacity of 4,000 mega volt ampere (MVA).
Waaree also announced acquisition of a 76% stake in Racemosa Energy for around Rs 53 crore during the month. The Maharashtra-based firm specialises in manufacturing smart meters, a segment that is becoming increasingly critical under the government’s smart metering push.
The deal allows Waaree to integrate advanced metering technology into its offerings, complementing its existing solar and power infrastructure business and reinforcing its play in the broader energy ecosystem. Besides, WRTL announced an investment in Smart Joules, the country’s largest cooling-as-a-service (CaaS) and energy efficiency company, during the same month last year.
The renewables segment has also seen some large M&A deals in recent times.
Early last year, ONGC NTPC Green (ONGPL)–a JV between ONGC and NTPC Green JV–acquired a 100% equity stake in Ayana Renewable Power, valuing the latter at Rs 19,500 crore.
Ayana has a portfolio of 4.1 GW renewable energy. JSW Neo Energy last year acquired 4.7 GW renewable energy platform from O2 Power, a platform jointly owned by global investment organisations EQT & Temasek, at an enterprise valuation of nearly Rs 12,468 crore.