Waaree Group has entered into an agreement to acquire majority equity stake in Associated Power Structures Ltd, for a total consideration of over Rs.1,200 crore.
Waaree Group entity Waaree Renewable Technologies Ltd (WRTL) announced that it has entered into a binding term sheet for acquiring around 55 per cent equity stake in Gujarat-based Associated Power Structures Ltd (APSL).
Incorporated in 1996 and headquartered in Vadodara, Gujarat, APSL provides turnkey EPC services in the field of power transmission and distribution, renewable energy, etc. APSL, it is learnt, also has two manufacturing plants for power T&D hardware.
The rationale behind WRTL’s proposed acquisition is part of the company’s strategic initiative to expand its presence and strengthen its capabilities across the renewable energy and energy efficiency ecosystem. “APSL operates in a complementary sector aligned with WRTL’s long-term vision of integrated clean energy solutions,” a regulatory disclosure by WRTL said.
The proposed acquisition is expected to be completed by April 30, 2026 and will involve a cash consideration of around Rs.1,225 crore. Once concluded, APSL will become a subsidiary of WRTL, the disclosure added.
APSL clocked a sales turnover of Rs.1,216.91 crore in FY25, rising sharply from Rs.619.76 crore in FY24 and Rs.416.80 crore in FY23.
Waaree 2.0
In a company release, Manmohan Sharma, CFO, Waaree Renewable Technologies Ltd, 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. Together, we are well-positioned to deliver end-to-end clean energy solutions across the value chain.”
Related acquisition
The proposed acquisition of APSL is another step by Waaree Group towards enhancing its supply chain. It may be recalled that in October 2025, Waaree Energies Ltd acquired controlling equity stake of 62 per cent in Kotsons Ltd, for a total consideration of Rs.192 crore.
Incorporated in 1978, Kotsons is in the business of designing, manufacturing and supplying advanced transformer solutions. Kotsons has a diverse array of transformer solutions, from oil-filled and dry-type to special purpose transformers and transformers for renewable energy applications. The company’s current annual manufacturing capacity is 4,000 MVA.
The rationale behind the acquisition was to enable vertical integration, market expansion, and access to electrical ecosystem for projects, enhancing control over the supply chain and quality of the product, Waaree Energies had then indicated.
Also read: Waaree Transpower secures 1.27 GW inverter duty transformer order
Featured photograph (source: apsltd.co.in) is for representation only