By PTI | New Delhi | June 18 2026
Waaree Renewable Technologies Limited has acquired a 55% equity stake in Associated Power Structures Private Limited (APSPL) for a total consideration of Rs 1,225 crore, according to a regulatory filing.
The acquisition was completed through a mix of primary acquisition involving allotment of shares and secondary acquisition involving transfer of shares, the company said.
Associated Power Structures is a company in the power transmission and distribution infrastructure space, with an execution track record across India and select international markets. For the financial year ended March 31, 2025, APSPL reported a turnover (including other income) of Rs 1,226.64 crore and a net worth of Rs 339.53 crore. Upon completion of the transaction, APSPL will become a subsidiary of Waaree Renewable Technologies Limited.
Manmohan Sharma, CFO, Waaree Renewable Technologies Limited, said: “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. 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.”
The transaction aligns with WRTL’s long-term strategy of building an integrated platform spanning renewable generation, EPC, energy efficiency, and enabling infrastructure. In-house transmission and distribution capabilities are expected to enhance execution certainty, optimise project timelines, and strengthen end-to-end delivery for utility-scale renewable projects.
The acquisition was expected to be completed by April 30, 2026, subject to fulfilment of agreed conditions. Singhi Advisors acted as exclusive strategic and financial advisor to Waaree Renewable Technologies Limited.
