Waaree Acquires 64 Per Cent in Kotsons for Rs 1.92 Billion

09 Sep 2025 CW Team

Waaree Energies Limited, India’s largest solar module manufacturer, has acquired a 64 per cent equity stake in transformer manufacturer Kotsons Private Limited for Rs 1.92 billion, the company announced on Tuesday. The acquisition makes Kotsons a subsidiary of the Mumbai-headquartered renewable energy firm.

The strategic move is aimed at bolstering Waaree’s position in the integrated clean energy value chain. The capital infusion will support the expansion of Kotsons’ manufacturing capacity at its existing facility in Alwar, Rajasthan, which currently produces 4,000 MVA worth of transformers annually. Kotsons manufactures transformers up to 35 MVA and 36 kV and now plans to scale up to 110 kV, 132 kV, and 220 kV transformers.

Founded in 1979, Kotsons brings over four decades of sectoral experience and holds UL certifications for dry-type transformers, enabling it to tap into export markets in the USA and Canada.

The acquisition comes at a time when India’s transformer market is expected to grow at a CAGR of 8–10 per cent, reaching Rs 500–600 billion by 2030. This growth is being driven by rising investment in green hydrogen, EV charging infrastructure, data centres, 5G rollout, and railway electrification.

Dr Hitesh Doshi, Chairman and Managing Director of Waaree Group, said, “This acquisition is in line with our vision to offer integrated energy solutions. Transformers are a critical component in solar and renewable energy infrastructure, and this investment will help us scale efficiently.”

Waaree Energies currently operates solar PV manufacturing facilities with a total capacity of 16.7 GW, supplying markets across India and more than 25 countries.

At 3:05 PM on Tuesday, Waaree Energies Limited’s shares were trading at Rs 3,216.30, up Rs 17.20 or 0.54 per cent on the NSE.

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