Follow India Renewable Energy News on WhatsApp for exclusive updates on clean energy news and insights

Waaree Expands Energy Value Chain with 76% Stake in Smart Meter Firm Racemosa Energy

Waaree Power, a wholly owned subsidiary of Waaree Energies, will acquire a 76% stake in Maharashtra-based smart meter manufacturer Racemosa Energy for Rs530 million. The deal, expected to close in FY 2026, will integrate smart metering into Waaree’s portfolio, strengthening its presence across the entire energy value chain.

This acquisition follows Waaree’s strategic push into the power transformers segment. Earlier this month, the company announced the acquisition of a 64% stake in Kotsons, a Rajasthan-based power transformer solutions company, for Rs1.92 billion. That transaction is scheduled for completion by September 30, 2025, making Kotsons a subsidiary.

Additionally, Waaree plans to acquire Kamath Transformers for Rs2.93 billion and recently purchased Green New Delhi Forever Energy, an independent power producer, for a nominal Rs100,000.

These moves align with Waaree’s broader expansion strategy as it scales beyond solar modules into adjacent energy technologies. According to Mercom India’s 1H & Q2 2025 Solar Funding and M&A Report, the sector saw 50 solar M&A transactions in 1H 2025, up from 40 in 1H 2024, with ONGC NTPC Green’s $2.3 billion acquisition of Ayana Renewable Power marking the largest.

Waaree, already the second-largest solar module supplier in India (10.7% share in 2024), is positioning itself as a diversified clean energy solutions leader through these acquisitions.