Waaree Renewable To Buy 55% Stake In Power Transmission Firm

Waaree Renewable Technologies Ltd, the EPC arm of Waaree Group, said on its board has approved a binding term sheet to acquire about a 55% stake in power transmission and distribution firm Associated Power Structures Ltd for roughly 12.25 billion rupees ($147 million).

The acquisition will be executed through a mix of primary and secondary investments and is subject to due diligence and customary closing conditions, Waaree Renewable said in a statement.

The Power Transmission Biz

Founded in 1996, Associated Power Structures operates in the power transmission and distribution infrastructure segment, with projects across India and select overseas markets. For the year ended March 31, 2025, the company reported revenue, including other income, of 12.27 billion rupees and a net worth of 3.40 billion rupees.

Following completion of the transaction, Associated Power Structures will become a subsidiary of Waaree Renewable Technologies.

Beyond Power Generation 

The deal marks Waaree Renewable’s expansion beyond renewable power generation into grid and transmission infrastructure, as India scales up renewable energy capacity and associated evacuation networks.

Chief Financial Officer Manmohan Sharma said the acquisition would strengthen the company’s ability to offer end-to-end clean energy solutions, adding that transmission and distribution infrastructure has become critical as renewable installations increase.

The transaction is expected to close by April 30, 2026, the company said.

Singhi Advisors acted as exclusive financial and strategic advisor to Waaree Renewable on the deal.

($1 = 83.30 Indian rupees)