The Board of Directors of Waaree Energies has approved an investment of ₹1.9 billion (~$20.32 million) in its transformer solutions subsidiary Waaree Transpower, increasing its stake in the company to 75.1%.

As of October 7, 2025, Waaree held a 64.04% stake in Waaree Transpower.

Waaree will acquire 25.3 million shares at an issue price of ₹75 (~$0.802) per share.

The transaction is expected to be completed by June 2026.

Last year, Waaree acquired a 64% stake in Kotsons for ₹1.92 billion (~21.79 million), which was later renamed Waaree Transpower.

Waaree Transpower designs, manufactures, and supplies transformer solutions. It produces oil-filled and dry-type transformers and provides transformer solutions for special-purpose applications and renewable-energy projects.

Waaree Transpower’s annual turnover stood at ₹164.5 million (~$1.76 million) in FY 2023 and ₹84.7 million (~$905,630) in FY 2025.

The company plans to increase its transformer manufacturing capacity by 16,000 MVA with a planned capital expenditure (CAPEX) outlay of ~₹1.92 billion (~$20.99 million). It has an order book of ₹2.45 billion (~$26.78 million) for transformer supply.

In another decision, the board approved CAPEX of ₹39 billion (~$417 million) to establish a 2,500 TPD glass manufacturing plant, a key component of solar module manufacturing. The CAPEX will be a mix of debt and internal accruals.

In its earnings call for the third quarter (Q3) of FY 2026, the company announced plans to grow in battery energy storage systems, inverters, transformers, renewable power infrastructure, and green hydrogen electrolyzer markets.

In February 2026, Waaree announced plans to set up a 16 GWh integrated lithium-ion battery manufacturing plant in Rambili, Anakapalli, Andhra Pradesh, with an investment of ₹81.75 billion (~$901.26 million). The integrated greenfield lithium-ion manufacturing plant will cover the entire battery value chain, including cell manufacturing, battery packs, and large-scale battery energy storage systems.

In Q3, the Waaree Group invested $30 million in United Solar Holdings, a polysilicon producer in Oman, enabling the company to establish a fully traceable supply chain and support its expanding manufacturing footprint across the U.S. and global markets.

Waaree also plans to develop a 4 GW inverter manufacturing facility by FY 2027, with a CAPEX outlay of ~₹1.8 billion (~$19.67 million).