Waaree Energies incorporates new IPP subsidiary

Waaree Energies Limited has informed the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE) about the incorporation of a new step down subsidiary, Eco Flux Renewables Private Limited.

According to the regulatory filing dated 15 December 2025, the Certificate of Incorporation for Eco Flux Renewables Private Limited was received on the same date. 

Eco Flux Renewables Private Limited is a wholly owned subsidiary of Waaree Forever Energies Private Limited, which is itself a wholly owned subsidiary of Waaree Energies Limited. The new entity has been classified as an Independent Power Producer (IPP).

Waaree Energies stated that the subsidiary has been set up solely to facilitate and hold specific power projects under the IPP framework.  

The filing confirms that Waaree Forever Energies Private Limited holds 100 per cent of the share capital of Eco Flux Renewables. The company clarified that the incorporation does not qualify as a related party transaction and does not involve an acquisition, making disclosures such as cost of acquisition and regulatory approvals not applicable.

Waaree Energies has recently expanded its IPP structure through additional step-down subsidiaries. Solaris Horizon Energy Private Limited was incorporated on 10 December 2025 through Waaree Forever Energies Private Limited.