Solar cell and module manufacturer Waaree Energies Ltd today announced that it has completed the acquisition of 64% equity stake in transformer solutions company Kotsons Pvt Ltd (KPL). Consequently, KPL has become a subsidiary of the company.
Waaree Energies acquired the equity stake in Kotsons through a primary capital infusion of about INR 192 crore, which will be utilized to further expand Kotsons’ manufacturing capacity, enabling it to meet the growing domestic and global demand for transformers.
Established in 1979, Kotsons has over four decades of expertise in transformer manufacturing with its state-of-the-art facility at Alwar, Rajasthan, currently having a production capacity of 4,000 MVA. The company manufactures transformers up to 35 MVA 36kV and already holds certifications to serve both domestic and global markets. This capacity will further be expanded to manufacture and supply 110kV/132kV/220kV transformers.
The acquisition comes at a pivotal time for India’s power infrastructure sector. The country’s transformer market is expected to grow at a CAGR of 8–10%, reaching $5–6 billion by 2030, with demand expanding at 7.44% CAGR. This growth will be driven by emerging sectors such as green hydrogen, EV charging infrastructure, data centres, 5G rollout, and railways
“Transformers are a critical enabler in solar projects and renewable energy infrastructure, ensuring reliable grid integration and efficient power distribution. As Waaree expands its leadership in solar manufacturing, entering the transformer business through Kotsons is a natural extension of our vision to provide integrated, end-to-end energy solutions,” said Dr. Hitesh Doshi, chairman & managing director, Waaree Group. “With India and the world witnessing a surge in demand for reliable power infrastructure, transformers are becoming increasingly critical in enabling electrification across industries such as green hydrogen, EVs, and data centers. Kotsons, with its rich legacy, proven expertise, and global-ready certifications, is the perfect partner in this journey. For our customers, this integration means access to a seamless and diversified energy solutions portfolio, spanning solar modules to internationally certified transformers.”
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