Waaree group adds eight IPP-focused step-down subsidiaries

Waaree Energies Limited has informed the stock exchanges about the incorporation of eight wholly owned subsidiaries by its step-down subsidiary, Waaree Forever Energies Private Limited (WFEPL). The new entities have been created to hold specific independent power producer (IPP) projects.

In its regulatory disclosure, the company stated that WFEPL, a wholly owned subsidiary of Waaree Energies Limited, incorporated the eight companies between January 13 and January 15, 2026. The newly incorporated entities are Positive Impact Renewables Private Limited, Green Shift Power Ventures Private Limited, Carbon Xcelerate Energy Private Limited, Future Grid Energy Private Limited, Clean Edge Energy Private Limited, Future Volt Energy Private Limited, Green Rise Projects Private Limited, and Blue Leaf Power Private Limited.

According to the filing, each company has been established exclusively to facilitate and hold individual power projects under the IPP structure. As newly incorporated entities, none of them has commenced operations, and all currently report nil turnover. WFEPL holds 100% of the equity share capital in each of the eight subsidiaries.

Waaree Energies clarified that the incorporations do not qualify as related party transactions and have been carried out on an arm’s length basis. The company also confirmed that no governmental approvals were required and that no acquisition cost or share swap was involved in setting up these step-down subsidiaries.