Waaree Energies Gets NCLT Nod for Acquisition of Solar Cells Maker Indosolar
Solar photovoltaic (PV) module manufacturer and EPC firm Waaree Energies has received approval from the Delhi Bench of the National Company Law Tribunal (NCLT) for the acquisition of solar cells and modules manufacturer Indosolar.
May 27, 2022. By Manu Tayal
On April 21, 2022, NCLT had provided its consent for the resolution plan submitted by the Mumbai-headquartered company towards the acquisition under the corporate insolvency resolution process (CIRP) initiated by the lenders of Indosolar under the Insolvency and Bankruptcy Code 2016.
The company in a statement said that the move would further facilitate the augmentation of the solar cell manufacturing capacity of the company, which is currently exporting to 19 countries worldwide, to 5.4 GW from the currently planned capacity of 4 GW and will complement its planned expansion in solar module manufacturing.
“Waaree is thankful to the Hon’ble NCLT for the approval of the resolution plan. Waaree expects to start manufacturing operations in approximately 6 months from the Indosolar plant post assessing the infrastructure including utilities and after ensuring that relevant equipment complementing the expansion plans are in place and latest generation of high-efficiency solar cells being used in the modules at its manufacturing plants in Gujarat,” the company further added.
Recently, the company had won new orders worth USD 2.37 billion from both Indian and International markets to supply its high-efficiency bifacial solar panels of 540Wp and 600Wp. Further, these solar PV panels would be manufactured in the company’s manufacturing facility using M10 and M12 cells.
Meanwhile, the company operates manufacturing facilities comprising factories in India at Surat, Chikhli, Tumb and Nandigram. Over the years the company has been developing high-quality and technologically advanced PV modules. As of June 30, 2021, the company had 388 franchises in 25 states and two Union Territories across India.
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