New Delhi, 23 June: Waaree Renewable Technologies Limited (WRTL), a subsidiary of Waaree Energies, has completed the acquisition of a 55% stake in Associated Power Structures Private Limited (APSPL) for ₹1,225 crore, marking a significant expansion into the power transmission and infrastructure segment.
With the completion of the transaction, APSPL has become a subsidiary of WRTL, enhancing the company’s capabilities across the renewable energy value chain, particularly in transmission, evacuation, and supporting infrastructure—key components of India’s accelerating clean energy transition.
Strategic Expansion into Energy Infrastructure
The acquisition aligns with WRTL’s strategy to build an integrated renewable energy and infrastructure platform capable of delivering end-to-end solutions across power generation, transmission, and grid connectivity.
India’s rapidly growing renewable energy sector is creating increasing demand for robust transmission infrastructure, making the addition of APSPL a strategic move for Waaree as it expands beyond solar EPC services.
APSPL Brings Three Decades of Expertise
APSPL brings nearly 30 years of experience in the design, fabrication, and EPC execution of galvanised transmission towers, telecom towers, and windmill erection projects. The company has established relationships with major power utilities and developers and possesses a strong project order book.
Its expertise is expected to strengthen WRTL’s execution capabilities and position the company to capitalize on growing opportunities in transmission infrastructure linked to renewable energy expansion.
Supporting Waaree’s ‘Waaree 2.0’ Vision
Commenting on the acquisition, Viren Doshi, Director of WRTL, said the investment reflects the company’s confidence in India’s long-term energy transition and its commitment to creating a comprehensive clean energy and infrastructure platform.
He noted that as renewable energy projects become larger and more interconnected, customers increasingly seek partners capable of delivering integrated solutions across the energy value chain.
Driving Future Growth
APSPL Founder and Director Ajay Patel said joining the Waaree ecosystem would provide the company with greater scale, financial strength, and access to larger infrastructure opportunities while continuing to leverage its expertise in transmission EPC projects.
The acquisition forms part of Waaree’s broader “Waaree 2.0” strategy, which aims to transform the group from a manufacturing-focused company into a diversified clean energy and infrastructure player, capable of serving customers across multiple segments of the renewable energy ecosystem.
The move is expected to enhance Waaree’s market position as India continues to invest heavily in renewable energy capacity, grid modernization, and transmission infrastructure.
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