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Waaree RTL to Acquire 55 Percent Stake in Associated Power Structures for INR 1,225 Crore

Waaree Renewable Technologies has approved the acquisition of a 55 percent stake in Associated Power Structures for about INR 1,225 crore, in a strategic move to strengthen its integrated renewable energy and infrastructure capabilities.

January 27, 2026. By Mrinmoy Dey

Waaree Renewable Technologies (WRTL), the EPC arm of the Waaree Group, has announced that its Board of Directors has approved a proposal to acquire a 55 percent stake in Associated Power Structures (APSL), for about INR 1,225 crore through a mix of primary and secondary investment.

Associated Power Structures, established in 1996, is in the business of power transmission and distribution into infrastructure sector. Further, pursuant to the above acquisition of shares, Associated Power Structures will become a subsidiary of the company, WRTL stated in a regulatory filing.

It further added that the investment is part of the company’s strategic initiative to expand its presence and strengthen its capabilities across the renewable energy and energy efficiency ecosystem. APSL operates in a complementary sector aligned with WRTL’s long-term vision of integrated clean energy solutions, the company said.

The acquisition is expected to be completed by April 30, 2026.

In FY25, APSL reported a net worth of INR 339.53 crore, revenue of INR 1,226.64 crore and total assets of INR 834.15 crore.

In Q3 FY26, WRTL reported a revenue of INR 851.06 crore, representing a growth of 136.18 percent YoY as compared to INR 360.35 crore in Q3FY25. The company’s PAT stood at INR 120.19 crore as compared to INR 53.48 crore in Q3FY25, representing a growth of 124.74 percent YoY.

As per the company’s Q3 FY26 report, WRTL’s unexecuted order book stands at 2.92 GWp to be executed between 12-15 months, and bidding pipeline remains robust at about 29 GWp.

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