Waaree Renewable to acquire majority stake in Associated Power

Waaree Renewable Technologies Limited has approved a binding term sheet to acquire around 55% of the equity share capital of Associated Power Structures Limited for a total consideration of approximately Rs 1,225 crore. The proposed transaction involves a combination of primary and secondary share purchases and is subject to due diligence and customary closing conditions.

Associated Power Structures Limited, incorporated in 1996, operates in the power transmission and distribution infrastructure segment. Upon completion of the transaction, the company will become a subsidiary of Waaree Renewable Technologies Limited. The company stated that the acquisition supports its strategy to expand across the renewable energy and energy efficiency value chain.

Waaree Renewable Technologies Limited indicated that the target date for completing the transaction is 30 April 2026. The company clarified that the acquisition does not qualify as a related party transaction and that neither its promoters nor group companies have any interest in the target entity.

In a separate disclosure, Waaree Energies Limited informed the stock exchanges that its wholly owned subsidiary, Waaree Forever Energies Private Limited, has incorporated a new step-down subsidiary, Decarbon X Projects Private Limited, on 22 January 2026. The newly incorporated entity has been registered as an Independent Power Producer (IPP) and is intended to hold specific power projects under the IPP framework.