Waaree Renewable Technologies has announced the merger of its three wholly owned subsidiaries with itself to reduce costs and improve efficiency through consolidation of the business. The entities being merged include Sangam Rooftop Solar, Waaree PV Technologies, and Waasang Solar.
Waaree Renewable Technologies is a renewable equipment manufacturer that is also in the business of power generation. The company offers solar PV modules, batteries, and other power products.
“One of the activities of the transferee companies is generation and utilization of energy/power. Therefore it would be advantageous to combine the activities and operations of these companies in a single company. The amalgamation contemplated in the present scheme will ensure consolidation of business, optimized legal structure, significant cost savings, and other administrative benefits,” stated Waaree Renewable Technologies in a stock exchange filing.
Sangam Rooftop Solar, incorporated in Sept. 2016, is involved in generating electricity from renewable sources, mainly in and around Gujarat, Bengaluru, and Mysuru. It has entered into power purchase agreements with different parties.
Waaree PV Technologies deals in all aspects of solar, including PV modules and power generation, with scope encompassing construction, generation, operation and maintenance. It also undertakes wind, thermal, hydro, and nuclear power projects and renovation and modernization of power stations.
Waasang Solar is involved in the production, collection, and distribution of electricity, operation and maintenance of power stations, gas turbines, wind farm projects, supply of steam and ash generated at power stations and other byproducts, etc.
“The amalgamation [of these entities] will result in consolidation of generation of power business, economies of scale, reduction in overheads, administrative and other expenditure, efficiency and optimal utilization of various resources,” said Waaree Renewable Technologies.
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