Waaree to Acquire 76% in Smart Meter Maker Racemosa Energy for ₹53 Cr

Waaree Power, a subsidiary of Waaree Energies, has approved a plan to acquire a 76% stake in smart meter firm Racemosa Energy (India).

In a regulatory filing, the company said, “These plans are subject to execution of definitive agreements, customary closing conditions, and regulatory approvals. Racemosa Energy (India) Private Limited, established in 2018, in Maharashtra, is in the business of manufacturing smart meters.”

The company explained, “Further, pursuant to the above subscription of shares, the acquisition of Maharashtra-based Racemosa Energy (India) Private Limited for approximately ₹53 crores would make it a step-down subsidiary of the Company after the closing conditions are fulfilled.”

Through the latest acquisition, the company said, it aims to integrate smart meters to strengthen Waaree’s presence across the energy value chain. It aims to complete the acquisition by FY 2025-26 or such other extended date as may be agreed between the parties.

Waaree Energies Aligns with Smart Meter Push 

Waaree stands to gain from expanding its smart metering business, as Indian smart electric meter manufacturers are projected to see around 20% revenue growth this fiscal. This mirrors fiscal 2025, with total turnover likely to reach ₹9,000 crore, according to a Crisil Ratings report.

The key driver is the easing of implementation bottlenecks under the government’s Smart Meter National Programme (SMNP), which aims to replace 250 million conventional meters with prepaid smart electric meters. These meters, which record consumption in real time and are connected via the internet, enable users and power distribution companies (discoms) to better monitor electricity usage and billing.

This move also marks a crucial step in Waaree Energies’ strategy of backward integration. The company recently added Kotsons as a subsidiary, announcing the acquisition of a 64% equity stake through a primary capital infusion of about ₹192 crore. The proceeds will be strategically utilized to further expand Kotsons’ manufacturing capacity, enabling it to meet growing domestic and global demand for transformers.