Waaree Expands Into Transmission With Rs 12.25 Billion Deal

30 Jan 2026 CW Team

In a regulatory filing, the company said its Board of Directors has approved a binding term sheet to acquire approximately 55 per cent stake in ASPL through a combination of primary and secondary investments. The transaction is subject to due diligence and customary closing conditions.

Waaree described the acquisition as a strategic milestone in its evolution into an integrated energy transition company. By entering the transmission and grid infrastructure space, the company aims to strengthen its capabilities beyond power generation, addressing a critical bottleneck in scaling up renewable energy deployment.

Founded in 1996, ASPL operates in the power transmission and distribution segment within the infrastructure sector. As of March 2025, the company reported a net worth of Rs 3.39 billion and a turnover of Rs 12.26 billion.

Commenting on the acquisition, Manmohan Sharma, Chief Financial Officer of Waaree Renewable Technologies Ltd, said the transaction represents a decisive step in the company’s transformation into a fully integrated energy transition platform. He noted that ASPL’s domain expertise, execution capabilities and proven track record complement Waaree’s renewable portfolio and support its internal strategic vision, referred to as “Waaree 2.0”.

The acquisition is expected to be completed by April 30, 2026, subject to the fulfilment of agreed conditions. Waaree said that developing in-house transmission and distribution capabilities will enhance execution certainty, optimise project timelines and strengthen end-to-end delivery for utility-scale renewable energy projects.

Waaree Renewable Technologies Ltd has approved a major expansion beyond renewable power generation, with its board clearing a deal worth Rs 12.25 billion to acquire a majority stake in power transmission company Associated Power Structures Ltd (ASPL). In a regulatory filing, the company said its Board of Directors has approved a binding term sheet to acquire approximately 55 per cent stake in ASPL through a combination of primary and secondary investments. The transaction is subject to due diligence and customary closing conditions. Waaree described the acquisition as a strategic milestone in its evolution into an integrated energy transition company. By entering the transmission and grid infrastructure space, the company aims to strengthen its capabilities beyond power generation, addressing a critical bottleneck in scaling up renewable energy deployment. Founded in 1996, ASPL operates in the power transmission and distribution segment within the infrastructure sector. As of March 2025, the company reported a net worth of Rs 3.39 billion and a turnover of Rs 12.26 billion. Commenting on the acquisition, Manmohan Sharma, Chief Financial Officer of Waaree Renewable Technologies Ltd, said the transaction represents a decisive step in the company’s transformation into a fully integrated energy transition platform. He noted that ASPL’s domain expertise, execution capabilities and proven track record complement Waaree’s renewable portfolio and support its internal strategic vision, referred to as “Waaree 2.0”. The acquisition is expected to be completed by April 30, 2026, subject to the fulfilment of agreed conditions. Waaree said that developing in-house transmission and distribution capabilities will enhance execution certainty, optimise project timelines and strengthen end-to-end delivery for utility-scale renewable energy projects.

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