Waaree Renewable Technologies Ltd (WRT) has announced plans to invest ₹1,225 crore to acquire a controlling stake in Associated Power Structures Ltd, a manufacturer of power transmission towers, according to a regulatory filing. The company expects the transaction to be completed by 30 April 2026.
Under the deal, the listed engineering, procurement and construction (EPC) arm of the Waaree Group will acquire a 55% stake in the Vadodara-based company through a combination of primary and secondary capital infusion. Around one-fourth of the total investment will be injected as fresh capital into Associated Power, while the remaining amount will be used to purchase shares from existing shareholders, a person familiar with the transaction said.
Associated Power is an EPC player focused on power transmission towers and substations, offering end-to-end services spanning design, manufacturing, and execution. Its capabilities include transmission and substation EPC projects of up to 800 kV high-voltage direct current (HVDC) lines. The company operates two manufacturing facilities in Vadodara with a combined capacity of 108,000 metric tonnes per annum.
The acquisition is expected to strengthen WRT’s EPC portfolio, which is currently centred on the development of solar power plants for clients. The transaction follows closely on the Waaree Group’s recent inorganic expansion efforts. Earlier, Waaree Energies—WRT’s parent company and the group’s listed holding entity—acquired a 64% stake in transformer manufacturer Kotsons Pvt. Ltd through a primary capital infusion of about ₹192 crore. Mid-market investment banking firm Singhi Advisors acted as the financial advisor on both transactions.
These deals form part of Waaree Group’s broader strategy to rapidly expand across the renewable energy value chain, leveraging strong valuations and rising revenues amid the global transition toward clean energy. Previous acquisitions by the group include smart electricity meter manufacturer Racemosa Energy (India) Pvt. Ltd, solar inverter maker Ewaa Renewable Techno Solutions Pvt. Ltd, and solar cell manufacturer IndoSolar Ltd. Waaree also acquired the listed Sangam Renewables Ltd in 2019, which was subsequently renamed Waaree Renewable Technologies.
Over the past three years, Waaree Energies has significantly scaled up its manufacturing footprint, reaching 22.8 gigawatts of annual solar module capacity and 5.4 GW of cell manufacturing capacity. The company is now deploying cash flows from this core business to support its acquisition-led diversification into areas such as power transmission and distribution, grid connectivity, EPC services, batteries, inverters, transformers, and electrolysers. It has outlined capital expenditure plans of ₹25,000 crore in the coming years to support this expansion.
“Waaree’s backward and forward integration shall de-risk earnings concentration,” analysts at Nuvama Institutional Equities wrote in a note on 22 January. “The adjacent green businesses such as inverters, electrolyser facility, GH2 production and BESS capacity shall provide a mammoth multi-decadal growth opportunity.”
On the market front, shares of Waaree Renewable Technologies ended 2.7% lower at ₹878.25 on the BSE on Friday. The stock has declined by nearly 10% since the start of 2026, compared with a 4.29% drop in the benchmark Sensex.
Waaree Energies shares closed 1.6% lower at ₹2,597.8 on the BSE, taking the stock’s year-to-date decline to over 12%.
