Waaree Renewable Technologies to Acquire 55% in ASPL for ₹1,225 Crore

Waaree Renewable Technologies (WRTL), the EPC arm of the Waaree Group, has entered into a binding term sheet to acquire nearly 55% stake in Associated Power Structures (ASPL) for ₹1,225 crore, marking a major step in its Waaree 2.0 strategy to become an integrated energy transition company. ASPL, established in 1996, is a leading power transmission and distribution infrastructure player with a strong domestic presence and international operations. It reported a turnover of ₹1,226.64 crore and net worth of ₹339.53 crore in FY25. The acquisition will allow WRTL to expand beyond solar project development into critical grid infrastructure—addressing a key bottleneck in India’s renewable energy growth. CFO Manmohan Sharma highlighted that robust T&D networks are "mission critical" as renewables scale, and ASPL brings proven execution strength and domain expertise. The deal, expected to close by April 30, 2026, will make ASPL a subsidiary of WRTL and strengthen its end-to-end offerings across the energy value chain. This follows recent strategic acquisitions by the group: 64% stake in Kotsons (transformers) for ₹192 crore 76% stake in Racemosa Energy (smart meters) for ₹53 crore Investment in Smart Joules (energy efficiency) With these moves, Waaree is positioning itself as a comprehensive clean energy solutions provider—from generation and storage to transmission and smart distribution—amid rising M&A activity in India’s renewables sector.