Waaree Energies Acquires 64% Kotsons Stake for ₹192 Cr, Expands into Transformers Biz

Indian solar module manufacturer Waaree Energies recently acquired a 64% equity stake in Kotsons through a primary capital infusion of about ₹192 crore, making Kotsons a subsidiary of Waaree Energies. The deal follows the failed acquisition of another Transformer firm,Kamath Transformers Private Limited  for Rs 293 crore in July . In that case, both parties failed to reach an agreement on the terms of a definitive agreement within the agreed timelines.

In a press release, Waaree Energies, while sharing details of the acquisition, stated that the proceeds of this infusion would be used to further expand Kotsons’ manufacturing capacity. It explained that the acquisition could enable the company to meet the growing domestic and global demand for transformers.

Established in 1979, Kotsons brings over four decades of expertise in transformer manufacturing with its state-of-the-art facility in Alwar, Rajasthan, which currently has a production capacity of 4,000 MVA. The company manufactures transformers up to 35 MVA/36 kV and already holds certifications to serve both domestic and global markets. Importantly, Kotsons’ UL certifications for dry transformers open significant opportunities for exports to the USA and Canada, aligning with Waaree’s growing international presence.

About The Latest Acquisition

Waaree Energies said the acquisition comes at a time when the country’s transformer market is expected to grow at a CAGR of 8–10%. It expects the market to reach USD 5–6 billion by 2030, with demand expanding at a 7.44% CAGR.

“This growth will be driven by emerging sectors such as green hydrogen, EV charging infrastructure, data centers, the 5G rollout, and railways. By integrating Kotsons into its portfolio, Waaree not only gains a strong foothold in this expanding market but also strengthens its vertical integration, enabling greater control over technology, quality, and sustainability,” the company added.

For Waaree’s customers, this translates into a more holistic offering – from solar modules to eco-friendly transformers that ensure reliable grid integration, improved project economics, and faster deployment timelines. Customers also benefit from globally compliant solutions that meet international standards, particularly in advanced markets like North America. For Waaree, the move reinforces its position as a full-spectrum energy transition company, capable of delivering end-to-end solutions covering generation, transmission, and distribution infrastructure.

Leadership View

Hitesh Doshi, Chairman & Managing Director, Waaree Group, commented on the acquisition, saying: “Transformers are a critical enabler in solar projects and renewable energy infrastructure, ensuring reliable grid integration and efficient power distribution. As Waaree expands its leadership in solar manufacturing, entering the transformer business through Kotsons is a natural extension of our vision to provide integrated, end-to-end energy solutions. The acquisition of Kotsons marks a significant milestone in Waaree’s mission to accelerate the global energy transition."