Waaree Renewable Completes ₹1,225 Crore APSPL Acquisition Deal

Waaree Renewable Technologies has completed the purchase of a controlling stake in Associated Power Structures Pvt Ltd (APSPL), closing a deal worth ₹1,225 crore that was first announced last month.

The company said on Thursday it now owns 55% of APSPL after acquiring shares through a mix of fresh issuance and purchases from existing shareholders. The transaction turns APSPL into a subsidiary of the renewable energy firm.

On Friday around 9:47 AM, Waaree Renewables Technologies share price opened 1.25% higher at ₹988.

How Does This Expand Waaree’s Portfolio?

Until now, Waaree Renewable did not hold any stake in APSPL. The latest transaction changes that, handing the company a majority position in the transmission and distribution engineering player.

APSPL, previously known as Associated Power Structures Ltd, has been involved in power infrastructure projects for nearly three decades. Its work spans transmission lines, substations and related engineering services, areas that are seeing increased activity as utilities add capacity to support rising electricity demand.

For Waaree, the acquisition expands its footprint beyond its core renewable energy operations and gives it exposure to another segment of the power sector.

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Deal Signed In May

The groundwork for the acquisition was laid in May when both sides signed a shareholders' agreement and a share purchase and subscription agreement.

Thursday's filing confirms the transaction has now been completed.

The investment is among the larger acquisitions announced by the company in recent years and comes as India's renewable energy sector continues to attract capital across generation, transmission and grid-linked infrastructure.

While the company has not disclosed immediate integration plans, the addition of APSPL is expected to strengthen its presence in the broader energy ecosystem, where developers are increasingly looking for scale and execution capabilities across multiple parts of the value chain.

Sources:

The Economic Times

Business World

CRISIL