Waaree Renewable Technologies Limited has informed stock exchanges that its Board of Directors, at an adjourned meeting held on January 26, 2026, approved entering into a binding term sheet for the acquisition of approximately 55% equity stake in Associated Power Structures Limited. The proposed acquisition involves a total consideration of around INR 1,225 crores, structured through a mix of primary and secondary investments, and remains subject to completion of due diligence and customary closing conditions.
Associated Power Structures Limited, incorporated on May 21, 1996, is engaged in power transmission and distribution activities within the infrastructure sector. Upon completion of the transaction, ASPL will become a subsidiary of Waaree Renewable Technologies Limited. The company has clarified that the acquisition does not constitute a related party transaction and that no promoter or promoter group entity of Waaree Renewable Technologies has any interest in ASPL.
As per disclosures made under Regulation 30 of the SEBI Listing Regulations, ASPL reported a net worth of INR 339.53 crores, total assets of INR 834.15 crores, and turnover of INR 1,226.64 crores, including other income, as of and for the year ended March 31, 2025. The company’s reported turnover stood at INR 416.80 crores in FY 22-23, increased to INR 619.76 crores in FY 23-24, and further rose to INR 1,216.91 crores in FY 24-25.
The consideration for the proposed acquisition will be paid in cash through banking channels. No specific governmental or regulatory approvals have been identified as being required for the transaction. The indicative timeline for completion of the acquisition has been disclosed as April 30, 2026.
Waaree Renewable Technologies stated that the investment forms part of its strategic initiative to expand its presence across the renewable energy and energy efficiency ecosystem. ASPL’s operations in power transmission and distribution have been described as complementary to the listed company’s existing business lines. ASPL is incorporated in India and has undertaken projects in several countries.