Waaree Renewable Technologies Limited (WRTL) has completed the acquisition of a 55 per cent stake in Associated Power Structures Private Limited (APSPL) for Rs 12.25 bn, making APSPL a subsidiary of WRTL. The transaction represents one of WRTL's largest strategic investments and is intended to establish an integrated renewable energy and power infrastructure platform under the Waaree group. The deal follows both primary and secondary transactions that transferred control to WRTL.

APSPL brings three decades of expertise in the conceptualisation, fabrication and engineering, procurement and construction contracting of galvanised transmission and telecom towers. The company has an established record in transmission and windmill erection projects and longstanding relationships with power utilities and developers, supported by a healthy order book. These capabilities are expected to enhance WRTL's execution strengths in transmission and evacuation infrastructure.

WRTL said the acquisition aligns with India's accelerating energy transition and the growing demand for integrated solutions spanning renewable generation, transmission, evacuation and supporting infrastructure. The company noted that transmission and evacuation are increasingly emerging as critical bottlenecks for clean energy deployment and that APSPL's specialised services would help address these challenges. WRTL indicated the investment underscores its conviction in the evolving energy infrastructure landscape and its commitment to scale.

Waaree's director Viren Doshi described the investment as reflecting confidence in long-term opportunities from the energy transition and as advancing the group's Waaree 2.0 vision to become an integrated platform. APSPL's founder Ajay Patel conveyed that joining the Waaree ecosystem would provide scale, capital backing and an integrated platform to pursue larger infrastructure projects while continuing to leverage tower and transmission EPC expertise. WRTL will integrate complementary capabilities to deepen customer engagement and improve execution across the renewable energy value chain.