Waaree to Acquire 55 per cent of Associated Power Structures

15 May 2026 CW Team

As structured, Waaree Renewable Technologies will acquire shares from existing shareholders of the target and will subscribe to fresh equity issued by the company, a combination that the acquirer said will make Associated Power Structures a subsidiary upon completion. The valuation for the fresh share issuance will be determined through a fair market assessment by a registered valuer, and the participating parties include promoters and family trusts of the target alongside the acquiring entity.

The transaction timetable was initially targeted for completion by April 30, 2026, but the process is now expected to conclude by June 15, 2026 because of procedural formalities related to transfer and allotment of securities. Associated Power Structures operates in the power infrastructure segment, providing transmission structures, substation works and related engineering services linked to the energy sector, and the acquisition is expected to bolster operational capabilities in these specific areas.

Observers said the move forms part of a broader corporate strategy by Waaree to deepen its presence beyond solar manufacturing and EPC into transmission and power infrastructure, strengthening capacity for renewable energy evacuation and grid?linked infrastructure. The development aligns with an industry trend in which energy companies are expanding into adjacent segments such as transmission infrastructure, energy storage and integrated power systems to capture opportunities from the accelerating renewable transition in India.

Waaree Renewable Technologies Limited, the engineering, procurement and construction arm of the Waaree Group, is set to acquire a 55 per cent stake in Associated Power Structures Private Limited in a transaction valued at Rs 12.25 billion (bn). The company informed stock exchanges that it has signed definitive agreements for the transaction, including a shareholders agreement and a share purchase and subscription agreement, and that the deal will combine share purchase from existing holders with issuance of fresh equity. As structured, Waaree Renewable Technologies will acquire shares from existing shareholders of the target and will subscribe to fresh equity issued by the company, a combination that the acquirer said will make Associated Power Structures a subsidiary upon completion. The valuation for the fresh share issuance will be determined through a fair market assessment by a registered valuer, and the participating parties include promoters and family trusts of the target alongside the acquiring entity. The transaction timetable was initially targeted for completion by April 30, 2026, but the process is now expected to conclude by June 15, 2026 because of procedural formalities related to transfer and allotment of securities. Associated Power Structures operates in the power infrastructure segment, providing transmission structures, substation works and related engineering services linked to the energy sector, and the acquisition is expected to bolster operational capabilities in these specific areas. Observers said the move forms part of a broader corporate strategy by Waaree to deepen its presence beyond solar manufacturing and EPC into transmission and power infrastructure, strengthening capacity for renewable energy evacuation and grid?linked infrastructure. The development aligns with an industry trend in which energy companies are expanding into adjacent segments such as transmission infrastructure, energy storage and integrated power systems to capture opportunities from the accelerating renewable transition in India.

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