Waaree Renewable Technologies Limited (WRTL) has approved the acquisition of around 55% stake in Associated Power Structures Limited (ASPL) for a total consideration of approximately ₹1,225 crore, subject to due diligence and customary closing conditions.
The decision was taken by the board of directors at its meeting held on January 26, 2026. The transaction will be executed through a mix of primary and secondary investments, and upon completion, ASPL will become a subsidiary of Waaree Renewable.
Founded in 1996, ASPL operates in the power transmission and distribution segment within the infrastructure sector. For the financial year ended March 31, 2025, ASPL reported a turnover of ₹1,226.64 crore, net worth of ₹339.53 crore and total assets of ₹834.15 crore.
Waaree said the acquisition forms part of its strategic initiative to expand its footprint across the renewable energy and energy efficiency ecosystem. The company added that ASPL operates in a complementary segment aligned with its long-term vision of offering integrated clean energy solutions.
The acquisition will be completed through cash consideration and is expected to be concluded by April 30, 2026. The company clarified that the transaction does not fall under related party transactions and that promoters and promoter group entities do not have any interest in ASPL.