Mumbai-based Waaree Renewable Technologies Ltd IWRTL) has agreed to acquire 55% of equity stake in the Vadodara-based Associated Power Structures Ltd (APSL) for a total cash consideration of ₹1,225 crore.
The deal to be completed by April 30, 2026, subject to regulatory and customary approvals. After the completion of the deal, ASPL will become a subsidiary of WRTL.
The proposed investment is part of WRTL’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.
Established in 1996, ASPL is in the business of power transmission and distribution into infrastructure sector. It recorded a turnover of Rs.1,217 crore for FY25, while WRTL operates under the Waaree Energies Ltd, spearheading the Solar EPC sector. Waaree has successfully completed over 10,000 solar projects, cumulatively accounting for more than 3.95 GW of operational capacity.
The acquisition enables WRTL to: Integrate EPC and T&D capabilities, strengthening its end-to-end clean energy offering, gain exposure to grid infrastructure, a critical bottleneck in renewable capacity addition, create cross-selling opportunities across solar, transmission and energy efficiency projects and enhance long-term revenue visibility and execution depth
For ASPL, the partnership provides access to Waaree Group’s renewable energy pipeline, financial strength and growth opportunities, potentially accelerating its expansion in renewable-linked infrastructure projects.