Follow India Renewable Energy News on WhatsApp for exclusive updates on clean energy news and insights
Waaree Renewable Takes Majority Control of APSL in Rs 12.25 Billion Transmission Sector Deal
Jan 27, 2026
Waaree Renewable Technologies (WRTL), the engineering, procurement, and construction (EPC) arm of the Waaree Group, has completed the acquisition of a 55 percent equity stake in Associated Power Structures (APSL), a power transmission and distribution company, for a total consideration of approximately Rs 12.25 billion (about USD 133.6 million).
The transaction is expected to be finalised by April 30, 2026. Upon completion, APSL will operate as a subsidiary of WRTL, marking a key milestone in Waaree’s strategy to build an integrated energy transition platform.
APSL has a presence across multiple locations in India and select overseas markets. For the financial year ended March 31, 2025, the company reported a turnover, including other income, of Rs 12.22 billion, along with a net worth of Rs 3.39 billion. Its total asset base stood at Rs 8.34 billion during the same period.
The company has shown strong and consistent growth over the past three financial years. APSL’s turnover rose from Rs 4.16 billion in FY23 to Rs 6.19 billion in FY24, before nearly doubling to Rs 12.16 billion in FY25.
WRTL stated that the acquisition is a strategic step toward transforming the company into a fully integrated clean energy and infrastructure solutions provider. By bringing transmission and distribution capabilities in-house, Waaree aims to strengthen execution reliability, improve project timelines, and deliver end-to-end solutions for utility-scale renewable energy projects.
The move also aligns with WRTL’s long-term vision of creating a comprehensive platform covering renewable power generation, EPC services, energy efficiency solutions, and enabling grid infrastructure.
Commenting on the development, Manmohan Sharma, Chief Financial Officer of WRTL, said the acquisition would enable the company to accelerate renewable energy deployment by closely integrating generation assets with critical transmission and grid infrastructure.