Waaree Energies sets up 10 project specific subsidiaries

In a regulatory filing dated 23 December 2025, Waaree Energies Limited stated that its wholly owned subsidiary, Waaree Forever Energies Private Limited (WFEPL), had received certificates of incorporation for ten new step-down subsidiaries. The entities have been set up as Independent Power Producers (IPPs) to hold specific power projects under the IPP framework.

The subsidiaries, all incorporated in India and registered with the Registrar of Companies in Mumbai, are: Lumina Greentech Private Limited, Prithvi Vayu Green Energy Private Limited, Tejas Urja Solutions Private Limited, Akash Agni Renewables Private Limited, Vayu Jal Energy Private Limited, Surya Prakriti Power Private Limited, Agni Prithvi Renewables Private Limited, Jal Vayu Urja Private Limited, NetZero Ventures Private Limited, and Carbon Positive Energy Solutions Private Limited. Lumina Greentech Private Limited was incorporated on 22 December 2025, while the remaining nine entities were incorporated on 23 December 2025.

Waaree Energies stated that the incorporations do not qualify as related party transactions. The company also confirmed that no government or regulatory approvals were required for establishing these project-specific subsidiaries. WFEPL holds 100 per cent of the share capital in each of the entities.