Waaree Energies Acquires 64 Percent Stake in Kotsons, Expands into Transformer Business

Waaree Energies Ltd. India’s solar module manufacturer, has acquired a 64 percent stake in Kotsons Pvt. Ltd. through a primary capital infusion of INR 192 crores, marking its entry into the transformer sector.

The acquisition makes Kotsons a subsidiary of Waaree Energies and will support expansion of its manufacturing capacity to cater to rising domestic and international demand.

Kotsons operates a facility in Alwar, Rajasthan, with a production capacity of 4,000 MVA. Already certified for global markets, the company manufactures transformers up to 35 MVA 36kV and will now expand to 110kV/132kV/220kV transformers. Its UL certifications for dry transformers unlock opportunities in the USA and Canada, aligning with Waaree’s growing international footprint.

India’s transformer market is projected to grow at 8–10 percent CAGR, reaching USD 5–6 billion by 2030, fueled by green hydrogen, EV charging, data centres, 5G, and railways. Waaree’s move strengthens its vertical integration,  from solar generation to power transmission and distribution, offering customers reliable, globally compliant, and sustainable solutions.

Dr. Hitesh Doshi, Chairman and MD of Waaree Group, described this  acquisition as  a 'natural extension”;of Waaree’s integrated energy vision as he put it," "Transformers are a critical enabler in solar projects and renewable energy infrastructure, ensuring reliable grid integration and efficient power distribution. As Waaree expands its leadership in solar manufacturing, entering the transformer business through Kotsons is a natural extension of our vision to provide integrated, end-to-end energy solutions."

He further said," The acquisition of Kotsons marks a significant milestone in Waaree’s mission to accelerate the global energy transition. With India and the world witnessing a surge in demand for reliable power infrastructure, transformers are becoming increasingly critical in enabling electrification across industries such as green hydrogen, EVs, and data centers. Kotsons, with its rich legacy, proven expertise, and global-ready certifications, is the perfect partner in this journey. For our customers, this integration means access to a seamless and diversified energy solutions portfolio, spanning solar modules to internationally certified transformers, delivering reliability and sustainability at scale. For Waaree, it strengthens our vertical integration, expands our exports capability, and brings us closer to our vision of becoming a truly global integrated energy solutions provider.”