Waaree Renewable to acquire 55% stake in Associated Power Structures for ₹12.25B

Waaree Renewable Technologies is set to acquire a 55 per cent stake in Associated Power Structures Private Limited (APSL) in a transaction valued at INR 12.25 billion (USD 128.7 million), as the company expands its presence in India’s renewable energy and power infrastructure sector. 

The company said it has signed definitive agreements for the transaction, including both a shareholders agreement and a share purchase and subscription agreement.

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Under the deal, Waaree Renewable Technologies will buy shares from existing shareholders while also investing through fresh equity issued by APSPL. Once the process is completed, Associated Power Structures will become a subsidiary of the company.

The acquisition had originally been expected to close by the end of April 2026, though the timeline has now shifted to around mid-June because of procedural requirements tied to share transfers and allotments.

The valuation for the fresh equity component will be finalised through an assessment carried out by a registered valuer, according to the company’s exchange filing.

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APSPL operates in the power infrastructure segment and works on areas linked to transmission structures, substations and related engineering projects. The acquisition is expected to strengthen Waaree’s presence in grid-linked renewable infrastructure, especially as renewable capacity additions continue rising across India.

Industry observers see the move as part of a broader shift within the clean energy sector, where companies are increasingly looking beyond solar generation into transmission networks, storage and integrated infrastructure.

The acquisition also signals a push to expand beyond its core EPC and solar business into supporting infrastructure tied to renewable energy evacuation and power connectivity.

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