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

In a regulatory filing, Waaree Energies stated that the acquisition would support the company’s growth plans and strengthen its position in the energy infrastructure segment.

The board also approved the acquisition of Green New Delhi Forever Energy Pvt Ltd by Waaree Forever Energies Pvt Ltd, a wholly owned subsidiary. The shares will be acquired at Rs 100,000 each, with a face value of Rs 10.

Both transactions are expected to be completed in the 2025–26 financial year through all-cash consideration.