Indian solar manufacturer Waaree Energies will merge group company Indosolar with itself in a transaction valued at about INR9.5 billion (US$99 million).
Indosolar, the solar manufacturer and subsidiary of Indian solar company Waaree Energies, will be fully amalgamated into Waaree Energies under the proposed merger, after which Indosolar will cease to exist as a separate corporate entity.
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According to the filing, Indosolar shareholders will receive one Waaree Energies share for every 11 Indosolar shares held. The transaction remains subject to regulatory and shareholder approvals.
The merger will consolidate Waaree’s solar cell and module manufacturing operations with Indosolar’s module business. Indosolar operates a manufacturing facility in Greater Noida, Uttar Pradesh, with an annual module capacity of 1.3GW. The company is listed under India’s Approved List of Models and Manufacturers (ALMM), with an aggregate listed capacity of 1.5GW.
However, it currently has no active cell manufacturing capacity and relies on Waaree Energies or third-party suppliers for cells used in its modules.
Waaree said the merger will create a backward-integrated manufacturing business, enabling consolidated production planning, inventory optimisation and improved domestic-content traceability. It will also eliminate ongoing related-party transactions linked to cell supplies.
The companies said the merger will simplify Waaree’s group structure and remove duplicate compliance and administrative costs. Indosolar’s public shareholders will receive shares in Waaree, providing exposure to the larger listed entity.
As of 30 June 2026, Indosolar had total assets of INR4.05 billion, net worth of INR3.24 billion and turnover of INR683.6 million.
Originally incorporated as Robin Garments Private Limited in 2005, the company shifted its focus to solar cells and was renamed Indosolar in 2009. After enduring financial challenges and halting operations in 2018, Indosolar was acquired by Waaree Energies through insolvency resolution proceedings in April 2022 and resumed commercial operations in July 2024.
The Indosolar merger is the latest in a series of acquisitions and investments by Waaree Energies as it expands beyond solar manufacturing.
In June 2026, Waaree acquired a 55% stake in engineering, procurement and construction (EPC) firm Associated Power Structures (APSPL) for INR12.25 billion, strengthening its position in power infrastructure as part of its Waaree 2.0 strategy to become “a fully integrated energy transition company”.
Then in January 2025, Waaree agreed to acquire Enel Green Power India, the Indian renewable energy subsidiary of Italy’s Enel, for up to INR7.92 billion. The deal was intended to expand Waaree’s independent power producer (IPP) business and diversify its revenue base.
Waaree also acquired a 64% stake in Indian transformer manufacturer Kotsons in September 2025, adding transformer manufacturing to its portfolio and targeting expansion into higher-voltage products in India and North America.
