Waaree Renewable Technologies (WRTL), the EPC arm of Waaree Group, announced that it will acquire a nearly 55% stake in Associated Power Structures (ASPL), a power transmission firm, for Rs 1,225 crore. The transaction will involve a mix of primary and secondary investment and marks a major step in Waaree’s 2.0 strategy to become a full-fledged energy transition company. The WRTL board has approved entering into a binding term sheet for the acquisition.
Strategic Significance of the Acquisition
Manmohan Sharma, Chief Financial Officer of WRTL, said, “As renewable capacity scales rapidly in India and globally, robust transmission and distribution infrastructure becomes mission critical. Associated Power Structures brings deep domain expertise, execution strength, and a proven track record that complements Waaree’s renewable portfolio.” Upon completion, expected by April 30, 2026, ASPL will become a subsidiary of WRTL.
Established in 1996, ASPL has operations in India as well as chosen international geographies, with a FY25 turnover of Rs 1,226.64 crore and a net worth of Rs 339.53 crore. The acquisition is a significant step in the evolution of Waaree into an integrated energy transition solutions provider, enabling it to leverage its strengths from the generation side into the crucial area of grid and transmission infrastructure, which is a major enabler for the widespread adoption of renewable energy. Singhi Advisors was the exclusive strategic and financial advisor.
Recent Energy Value Chain Expansion
This acquisition follows multiple recent moves by Waaree Group to strengthen its presence across the energy value chain:
- September 2025: Waaree Energies acquired 64% stake in Kotsons (transformer manufacturer) for Rs 192 crore.
- Same month: Acquired 76% stake in Racemosa Energy, a smart meter manufacturer, for Rs 53 crore.
- Investment in Smart Joules, India’s largest cooling-as-a-service (CaaS) and energy efficiency company.
These acquisitions enable Waaree to offer solutions for advanced metering and energy infrastructure, thereby complementing its solar and power business. The renewable energy industry has witnessed substantial M&A transactions lately, such as the acquisition of Ayana Renewable Power by ONGC NTPC Green for Rs 19,500 crore and JSW Neo Energy acquiring a 4.7 GW renewable energy platform from O2 Power for approximately Rs 12,468 crore.
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