Waaree Energies buys stake in Kotsons, expands into transformer business

Waaree Energies Limited has acquired a 64 per cent equity stake in Kotsons Private Limited through a primary capital infusion of about Rs 192 crore. With this investment, Kotsons has become a subsidiary of Waaree Energies. The funds will be used to expand Kotsons’ manufacturing capacity to meet rising demand for transformers in domestic and international markets.

Founded in 1979, Kotsons operates a transformer manufacturing facility in Alwar, Rajasthan, with an installed capacity of 4,000 MVA. The company produces transformers up to 35 MVA 36kV and holds certifications for both Indian and overseas markets. Its UL-certified dry transformers are eligible for export to the United States and Canada, supporting Waaree’s international expansion strategy.

The acquisition comes at a time when India’s transformer industry is projected to grow at an annual rate of 8 to 10 per cent, with the market expected to reach USD 5 to 6 billion by 2030. Demand growth of 7.44 per cent CAGR is anticipated from sectors including green hydrogen, electric vehicle charging, data centres, 5G networks, and railways. Waaree said the integration of Kotsons will strengthen its vertical integration and support its role in the power infrastructure value chain.

Dr. Hitesh Doshi, Chairman and Managing Director of Waaree Group, said transformers are essential for grid integration in renewable energy projects. He noted that the acquisition will help Waaree deliver end-to-end energy solutions, combining solar modules with internationally certified transformers to support electrification in sectors such as green hydrogen, electric mobility, and data centres.