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Waaree Renewable Technologies to Buy Majority Stake in Power Transmission Firm APSL
Acquisition announced: Waaree Renewable Technologies (WRTL), the EPC arm of the Waaree Group, has agreed to acquire about 55% equity stake in Associated Power Structures Limited (APSL).
Deal value: The transaction consideration is approximately ₹12.25 billion (~₹1,225 crore / ~$133.6 million).
Expected close date: The acquisition is expected to be completed by April 30, 2026, subject to customary closing conditions.
About APSL: APSL operates in power transmission and distribution infrastructure across India and select international markets.
APSL’s recent financials: For the year ended March 31, 2025, APSL reported:
- Turnover (incl. other income): ~₹12.22 billion (~$133.8 million)
- Net worth: ~₹3.39 billion (~$37 million)
- Total assets: ~₹8.34 billion (~$91 million)
- Demonstrated growth from ~₹4.16 billion in FY2022–23 to ~₹12.16 billion in FY2024–25.
Subsidiary status: Upon completion, APSL will become a subsidiary of WRTL.
Strategic rationale: The acquisition is part of WRTL’s strategy to become an integrated energy transition company, expanding capabilities beyond renewable generation into transmission and distribution infrastructure.
Operational benefits: In-house transmission and distribution expertise is expected to improve execution certainty, compress project timelines, and support delivery of end-to-end utility-scale clean energy solutions.
Corporate vision: The deal aligns with WRTL’s long-term ambition to build a platform covering renewable generation, EPC, energy efficiency, and enabling infrastructure.
WRTL’s recent performance: In Q3 FY2026, WRTL reported consolidated revenue from operations of ₹8.51 billion (~$94.27 million), a significant year-over-year increase.
Other business wins: In December 2025, WRTL secured an EPC contract for a 28.6 MW ground-mounted solar project from an undisclosed Indian customer.
Source: https://www.mercomindia.com/waaree-acquires-55-in-power-transmission-firm-apsl
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