Waaree Renewable Technologies Limited (WRTL), the engineering, procurement and construction (EPC) arm of Waaree Energies, has acquired a 55% stake in Associated Power Structures Private Limited (APSPL) for INR12.25 billion (US$129 million).
The acquisition was completed through a combination of primary and secondary transactions.
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APSPL is engaged in the fabrication and EPC contracting of galvanised transmission and telecom towers and has executed transmission and windmill erection projects across India. The company supplies infrastructure services to power utilities and renewable energy developers.
Viren Doshi, director, WRTL, said: “As projects become larger, more interconnected and increasingly complex, customers are seeking partners capable of delivering comprehensive solutions with speed, reliability and execution excellence. APSPL’s capabilities complement our existing strengths and position us to create greater value for customers while advancing the Waaree 2.0 vision of becoming a future-ready clean energy solutions ecosystem.”
WRTL said the acquisition expands its participation across the energy value chain, particularly in transmission and evacuation infrastructure, which is required for integrating new renewable capacity into the grid.
The integration is expected to strengthen WRTL’s execution capabilities in transmission infrastructure, an area that has become a bottleneck for renewable energy deployment in India due to delays in evacuation and grid connectivity.
APSPL brings an existing order book and established customer relationships with utilities and developers, which WRTL said will be combined with its EPC operations.
The acquisition is the latest step in Waaree’s strategy to build an integrated clean energy platform under its “Waaree 2.0” initiative, expanding beyond solar manufacturing into power infrastructure and energy technologies.
In September 2025, Waaree Energies acquired a 64% stake in Indian transformer manufacturer Kotsons, bringing the company into its portfolio as a subsidiary, with plans to expand into higher-voltage products for the Indian and North American markets.
Earlier, in January 2025, Waaree agreed to acquire Italian utility Enel’s Indian subsidiary, Enel Green Power India, for up to INR7.92 billion (US$91 million). The deal was aimed at expanding Waaree’s independent power producer (IPP) business and diversifying its revenue streams.
