Waaree Renewable to acquire 55% stake in APSPL for Rs 1,225 crore
Waaree Renewable Technologies Limited (WRTL) has signed definitive agreements to acquire a 55% stake in Associated Power Structures Private Limited (APSPL), formerly known as Associated Power Structures Limited, in a transaction valued at Rs 1,225 crore. Upon completion of the deal, APSPL will become a subsidiary of WRTL.
The acquisition will be executed through a combination of the purchase of existing equity shares from current shareholders and the subscription to fresh equity shares to be issued by APSPL. WRTL stated that it does not presently hold any stake in APSPL.
Incorporated in 1996, APSPL operates as an integrated manufacturing and engineering, procurement, and construction (EPC) company. The company is involved in the design and manufacturing of lattice structures catering to the power transmission and distribution, wind energy, solar energy, and telecommunications sectors.
APSPL’s operations are divided into three business segments: power transmission and distribution; renewable energy, including renewable energy job works; and other businesses such as telecommunication towers, fabrication, and galvanising of lattice steel.
The selling shareholders in the transaction include the Desai Family Trust, Kothari Family Trust, and Patel Family Trust, along with Satish Desai, Parag Kothari, and Ajay Patel. WRTL clarified that none of the parties involved in the transaction belongs to its promoter or promoter group.
The transaction was originally planned for completion by April 30, 2026. However, due to procedural formalities, the timeline has been extended. The transfer of existing securities and allotment of fresh shares are now expected to be completed by June 15, 2026.
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