Waaree Energies approves Rs 3,900 crore glass capex, ups Transpower stake

Waaree Energies has approved two capital allocation decisions that extend its manufacturing presence into solar glass and power transformers.

The larger is a Rs 3,900 crore outlay to build a glass manufacturing plant under its wholly owned subsidiary, Waaree Green Glass Private Ltd. The facility will produce 2,500 tonnes of glass per day, financed through a mix of debt and internal cash flows, the company said in a regulatory filing.

The board also approved increasing its stake in Waaree Transpower Private Ltd from 64.04% to 75.10%, acquiring 2.53 crore additional shares at Rs 75 apiece for a total outflow of Rs 190 crore. The deal, classified as a related-party transaction at arm’s length, is expected to close by June 2026.

Waaree Transpower was formerly Kotsons Private Ltd, a transformer manufacturer Waaree acquired a controlling 64% stake last year for roughly Rs 192 crore. Founded in 1978 and based in Alwar, Rajasthan, the company makes oil-filled and dry-type transformers up to 35 MVA 36kV and holds certifications for both Indian and overseas markets, including UL certification for exports to the United States and Canada. Its installed capacity stands at 4,000 MVA.

At the time of the original acquisition, Waaree framed the deal as a vertical integration play, combining its solar module business with transformer manufacturing to offer end-to-end energy solutions across sectors such as green hydrogen, electric mobility, and data centres. 

Waaree Transpower’s financials have been uneven. Turnover fell from Rs 16.45 crore in FY2022-23 to nil in FY2023-24, before partially recovering to Rs 8.47 crore in FY2024-25. The fresh capital infusion from last year was intended to expand capacity and address rising domestic and international demand.