India, June 22nd, 2026: Waaree Renewable Technologies Limited (WRTL), one of India’s leading and fastest-growing solar EPC and renewable energy solutions providers and a subsidiary of Waaree Energies Limited, today announced the successful completion of its acquisition of a 55% stake in Associated Power Structures Private Limited (APSPL) for ₹1,225 crore, pursuant to the completion of primary and secondary transactions. Consequent to the acquisition, APSPL has become a subsidiary of WRTL.
As India’s energy transition acceleratesin alignment with Viksit Bharat 2047, the need for integrated solutions spanning generation, evacuation and supporting infrastructure continues to grow. Subsequently, the ₹1,225 crore acquisition underscores WRTL’s conviction in India’s rapidly evolving energy infrastructure landscape and represents one of the company’s most significant strategic investments towards building an integrated renewable energy and power infrastructure platform. The transaction expands WRTL’s participation across the energy value chain and strengthens its ability to support large-scale clean energy deployment across the country.
APSPL brings nearly three decades of specialised expertise in conceptualisation, fabrication and EPC contracting of galvanized transmission and telecom towers, with a strong track record in transmission and windmill erection projects across India. Backed by a healthy order book and established relationships with leading power utilities and developers, APSPL adds scaled execution capabilities to WRTL’s platform. The integration is expected to enable faster turnaround on transmission and evacuation infrastructure, a critical enabler for large-scale renewable capacity addition.
For customers, the acquisition translates into access to a broader suite of services, stronger project integration, improved execution efficiencies and a single trusted partner capable of delivering complex energy infrastructure solutions at scale. The enhanced capabilities are expected to support faster project implementation and improved coordination across critical project components.
Commenting on the development, Mr. Viren Doshi, Director, Waaree Renewable Technologies Limited, said: “The completion of the APSPL acquisition marks a defining milestone in WRTL’s growth journey. This ₹1,225 crore investment reflects our confidence in the long-term opportunities emerging from India’s energy transition and our commitment to building an integrated renewable energy and infrastructure platform. As projects become larger, more interconnected and increasingly complex, customers are seeking partners capable of delivering comprehensive solutions with speed, reliability and execution excellence. APSPL’s capabilities complement our existing strengths and position us to create greater value for customers while advancing the Waaree 2.0 vision of becoming a future-ready clean energy solutions ecosystem.”
Commenting on the partnership, Mr. Ajay Patel, Founder & Director Associated Power Structures Private Limited, said: “Joining the Waaree ecosystem is a natural extension of the work we have done over the years in building transmission and power infrastructure for the country. Our strength has always been in execution, delivering complex tower fabrication and EPC projects with consistency and reliability. As part of WRTL, we gain the scale, capital backing and integrated platform needed to take on larger, more ambitious infrastructure projects, while continuing to do what we do best. We look forward to contributing to WRTL’s vision of building a future-ready clean energy and infrastructure ecosystem for India.”
The transaction is closely aligned with Waaree 2.0, the Group’s strategic vision of evolving from a manufacturing-led organisation into an integrated clean energy and infrastructure platform. By bringing complementary capabilities under the Waaree ecosystem, WRTL aims to create long-term value through deeper customer engagement, enhanced execution capabilities and participation across a larger share of the renewable energy value chain.
About Waaree Renewable Technologies Limited:
Waaree Renewable Technologies Limited (WRTL) is subsidiary company of Waaree Energies Limited and spearheading the Solar EPC business. [We are also a solar developer that constructs, owns and operates solar projects. Headquartered in Mumbai, we operate across geographies, focusing on long-term investments within the commercial and industrial customer segments.] This subsidiary was formed to tap into the growing renewable energy market. Waaree group is a leading renewable energy company that caters Individual, Industrial and Commercial customers by encouraging them to adapt energy solutions that helps in reducing the release of carbon. The subsidiary provides clean energy to its clients by setting up both on-site solar projects (rooftop and ground-mounted) and offsite solar farms (open access solar plants).
