Waaree Renewable Technologies Ltd’s (WRTL) Board of Directors has approved a binding term sheet to acquire around 55% stake in Associated Power Structures Ltd (ASPL) for INR 1,225 crore, through a mix of primary and secondary investment, subject to completion of due diligence and customary closing conditions.
Founded in 1996, Associated Power Structures Ltd operates in the power transmission and distribution infrastructure space, with a strong execution track record across India and select international markets. For the financial year ended March 31, 2025, it reported a total income of INR 1,226.64 crore and a net worth of INR 339.53 crore. Upon completion of the transaction, ASPL will become a subsidiary of Waaree Renewable Technologies Ltd.
The acquisition represents a strategic milestone in Waaree’s transformation into an integrated energy transition company, strengthening its capabilities beyond generation into critical grid and transmission infrastructure—a key enabler of large-scale renewable energy adoption.
“This acquisition is a decisive step forward in Waaree’s journey towards becoming a fully integrated energy transition company—what we internally call Waaree 2.0,” said Manmohan Sharma, CFO, Waaree Renewable Technologies Ltd. “As renewable capacity scales rapidly in India and globally, robust transmission and distribution infrastructure becomes mission-critical. Associated Power Structures brings deep domain expertise, execution strength, and a proven track record that complements Waaree’s renewable portfolio. Together, we are well-positioned to deliver end-to-end clean energy solutions across the value chain.”
The transaction aligns with WRTL’s long-term strategy of building an integrated platform spanning renewable generation, EPC, energy efficiency, and enabling infrastructure, thereby enhancing value creation, resilience, and execution capability across the clean energy ecosystem. For WRTL, in-house transmission and distribution capabilities enhance execution certainty, optimise project timelines, and strengthen end-to-end delivery for utility-scale renewable projects.
The acquisition is expected to be completed by April 30, 2026, subject to fulfilment of agreed conditions.
Global M&A advisory firm Singhi Advisors acted as exclusive strategic and financial advisor to Waaree Renewable Technologies Ltd and played a key role in structuring and advising on the transaction.
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