Blitz Bureau
NEW DELHI: Waaree Renewable Technologies has approved a proposal to acquire a majority stake of around 55 per cent in Associated Power Structures for about Rs 1,225 crore, as the company looks to strengthen its presence across the power value chain.
The acquisition will be carried out through a mix of primary and secondary investment and is subject to due diligence and customary closing conditions. Waaree Renewable Technologies said the transaction is expected to close by 30 April 2026, following which Associated Power Structures will become its subsidiary.
Founded in 1996, Associated Power Structures operates in the power transmission and distribution infrastructure segment and has executed projects across India and select international markets. For the financial year ended 31 March 2025, the company reported a turnover, including other income, of Rs 1,226.64 crore and a net worth of Rs 339.53 crore.
The proposed acquisition marks Waaree’s entry into grid and transmission infrastructure at a time when capacity constraints are emerging as a key challenge for large-scale renewable energy deployment. The company said the move would complement its existing renewable generation and engineering, procurement and construction operations. Manmohan Sharma, Chief Financial Officer, Waaree Renewable Technologies, said the deal would help strengthen execution capabilities as renewable capacity expands. He said transmission and distribution infrastructure would play a critical role in enabling the next phase of clean energy growth.
The proposed acquisition marks Waaree’s entry into grid and transmission infrastructure at a time when capacity constraints are emerging as a key challenge for large-scale renewable energy deployment. The company said the move would complement its existing renewable generation and engineering, procurement and construction operations.
Waaree Renewable Technologies said the addition of in-house transmission and distribution capabilities is expected to improve project execution, reduce timelines and support end-to-end delivery of utilityscale renewable projects. The company has internally referred to this phase of expansion as ‘Waaree 2.0’. Singhi Advisors acted as the exclusive strategic and financial adviser to Waaree Renewable Technologies on the transaction. The development comes amid a broader push to scale up power evacuation and grid infrastructure in line with India’s clean energy targets, as developers and policymakers focus on strengthening the backbone required to absorb rising renewable capacity.