Mumbai-headquartered Waaree Energies has secured approval from the Delhi Bench of the National Company Law Tribunal for its planned acquisition of Indosolar Ltd.
Indosolar, an Indian PV cell manufacturer, has incurred significant losses, eroding its net worth. As of March 31, 2021, it had a negative net worth of INR 99,779.49 ($1,285). Lenders initiated insolvency proceedings against Indosolar in October 2018 under the Insolvency and Bankruptcy Code 2016.
Waaree‘s acquisition of Indosolar will help it to expand its solar cell manufacturing capacity to 5.4 GW, from current plans for 4 GW. The deal will also complement its planned expansion into solar module manufacturing. Waaree expects to start manufacturing within about six months at the Indosolar plant. It said it now needs to assess the infrastructure, including utilities, and ensure that appropriate equipment for its expansion plans are in place.
Waaree currently operates four PV module manufacturing facilities in India, in Surat, Chikhli, Tumb, and Nandigram. It has shipped solar modules to customers in 19 countries and has been ranked as a Tier-1 PV module manufacturer by BloombergNEF (BNEF) for four consecutive years, from 2018 to 2021. Recently, it was recognized as a top performer in PV Evolution Labs’ (PVEL) 2022 PV Module Reliability Scorecard.
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