Waaree Energies announced on Monday that its board has approved the acquisition of Kamath Transformers Pvt. Ltd. for approximately Rs 2.93 billion. Kamath Transformers is engaged in the manufacturing of electrical transformers.

In a stock exchange filing, Waaree Energies stated that the acquisition is part of its broader business expansion strategy aimed at strengthening its presence in the power equipment sector.

Additionally, the board approved the acquisition of Green New Delhi Forever Energy Pvt. Ltd. by Waaree Forever Energies Pvt. Ltd., a wholly-owned subsidiary of Waaree Energies. The acquisition will be made at Rs 100,000 per share, with each share having a face value of Rs 10.