Waaree Renewable Completes INR 1,225 Crore Acquisition of APSPL

Waaree Renewable Technologies Ltd.  (WRTL), a subsidiary of Waaree Energies Ltd., has completed the acquisition of a 55 percent stake in Associated Power Structures Pvt. Ltd. (APSPL) for INR 1,225 crore through a combination of primary and secondary transactions. Following the completion of the deal, APSPL has become a subsidiary of WRTL.

The acquisition marks one of WRTL's largest strategic investments to date and is aimed at strengthening its position across India's rapidly expanding renewable energy and power infrastructure sector. The company said that the move aligns with its long-term growth strategy and supports the country's clean energy ambitions under the Viksit Bharat 2047 vision.

With the addition of APSPL, WRTL is expanding its presence beyond renewable energy generation and engineering, procurement and construction (EPC) services into transmission and evacuation infrastructure, a critical segment required to support the integration of new renewable energy capacity into the grid.

APSPL brings nearly three decades of experience in the conceptualisation, fabrication and EPC execution of galvanised transmission and telecom towers. The company has executed multiple transmission and windmill erection projects across India and maintains established relationships with power utilities and infrastructure developers. APSPL also has a strong order book, which is expected to support future growth opportunities.

According to WRTL, the acquisition will enhance its execution capabilities and enable faster delivery of transmission and evacuation infrastructure projects. The integration is expected to improve project coordination and provide customers with access to a broader range of services through a single platform capable of delivering end-to-end energy infrastructure solutions.

Commenting on the acquisition, Viren Doshi, Director, Waaree Renewable Technologies Ltd., said that the transaction represents a significant milestone in the company's growth journey and reflects its confidence in the opportunities emerging from India's energy transition.

He noted that as renewable energy projects become larger and more complex, developers increasingly require integrated partners capable of delivering comprehensive infrastructure solutions. APSPL's expertise in transmission infrastructure complements WRTL's existing renewable energy capabilities and supports the company's objective of building a future-ready clean energy ecosystem under its 'Waaree 2.0' strategy.

Ajay Patel, Founder and Director of APSPL, said that  joining the Waaree group will provide the company with access to greater scale, capital support and an integrated platform, enabling it to undertake larger and more ambitious power infrastructure projects while continuing to leverage its core strengths in tower fabrication and EPC execution.

WRTL said that the acquisition is a key step in the implementation of the Waaree 2.0 vision, which seeks to transform the group from a manufacturing-focused organisation into an integrated clean energy and infrastructure platform. By combining renewable energy generation, EPC expertise and transmission infrastructure capabilities, the company aims to enhance customer value, strengthen execution efficiencies and increase its participation across the renewable energy value chain.