Waaree Renewable Enters Grid Infrastructure With Rs 1,225 Cr Deal

Waaree Renewable Technologies has officially entered the grid infrastructure sector by agreeing to acquire a 55 % stake in Gujarat-based Associated Power Structures Ltd (APSL) for ₹1,225 crore, marking a major shift in the company’s business strategy.

The company board approved the deal which will integrate new shares issue and secondary shares purchase and will result into APSL to be subsidiary of Waaree Renewable after the deal is completed.

APSL is an experienced company in the power transmission and distribution infrastructure sector, and was established in 1996 with projects in India, and in selected foreign markets. During the financial year ended on March 31st, 2025 the company reported a turnover of 1226.64 crore and total assets of 834 crore.

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Waaree chief financial officer Manmohan Sharma remarked that the takeover will enhance capability of the firm to provide end to end clean energy solutions through its integration of generation, EPC services and important grid solutions.

The action increases the presence of Waaree in the renewable generation market into the important grid and transmission market that is vital in facilitating deployment of large-scale clean energy. The acquisition will help Waaree in its overall strategy to develop an integrated energy platform that will cover battery storage, inverters, transformers, and other infrastructure elements.

The APSL will still be under the umbrella of Waaree, and decades of experience in power infrastructure will be transferred to the expanding portfolio of the group of companies. It is projected that by April 30, 2026, the transaction will be concluded in case of standard due diligence and closing guidelines. Waaree Renewable had Singhi Advisors as its strategic and financial advisor on the deal.