Waaree Renewable Technologies' board approved on 26 January a binding term sheet to buy about 55% of Associated Power Structures, a Vadodara-based transmission and distribution contractor, for about ₹1,225 crore.
Why Waaree Renewable Technologies Ltd is buying Associated Power Structures
Waaree said the investment is part of a strategy to expand across the renewable energy and energy efficiency ecosystem, and that ASPL operates in a complementary sector aligned with its long-term vision of integrated clean energy solutions.
Deal terms and financing
The consideration is cash and combines a primary subscription for new shares with the purchase of shares from existing holders. Waaree said the deal is not a related-party transaction. ASPL reported turnover of ₹1,216.91 crore in FY2024-25, up from ₹619.76 crore a year earlier, and net worth of ₹339.53 crore.
Regulatory approvals and timing
Waaree said no government approvals were required and initially targeted completion by 30 April 2026. It signed a share purchase and subscription agreement in May and completed the acquisition in June 2026, when ASPL became a subsidiary (pv magazine India).
Market context
ASPL, incorporated in 1996, makes lattice transmission towers and steel structures in-house and carries out EPC work for power transmission and telecom networks, including outside India. Waaree Renewable Technologies is a listed subsidiary of solar module maker Waaree Energies.
