Waaree Renewable Technologies (WRTL), the engineering, procurement, and construction (EPC) arm of the Waaree Group, has announced the acquisition of approximately 55% of equity stake in power transmission and distribution company Associated Power Structures’ (APSL) for a total consideration of around ₹12.25 billion (~$133.6 million).

The acquisition is expected to be completed by April 30, 2026.

APSL has operations across India and select international markets. For the financial year ended March 31, 2025, APSL reported a turnover, including other income, of ₹12.22 billion (~$133.8 million). It has a net worth of ₹3.39 billion (~$37 million).

Its total assets stood at ₹8.34 billion (~$91 million). The company has demonstrated consistent growth over the past three years, with turnover increasing from ₹4.16 billion (~$45.5 million) in the financial year (FY) 2022–23 to ₹6.19 billion (~$67.6 million) in FY 2023–24, and then to ₹12.16 billion (~$132.8 million) in FY 2024–25.

Following the acquisition, APSL will become a subsidiary of WRTL. This move is part of WRTL’s strategic initiative to transform into an integrated energy transition company.

By acquiring APSL, Waaree aims to strengthen its capabilities in power transmission and distribution infrastructure, complementing its renewable energy portfolio and supporting the delivery of end-to-end clean energy solutions.

In-house transmission and distribution expertise is expected to enhance execution certainty, optimize project timelines, and ensure end-to-end delivery for utility-scale renewable projects.

The acquisition aligns with WRTL’s long-term vision to develop an integrated platform encompassing renewable generation, EPC, energy efficiency, and enabling infrastructure.

Manmohan Sharma, Chief Financial Officer at WRTL, said the acquisition positions the company to scale renewable energy adoption by integrating generation with critical grid and transmission infrastructure.

Recently, WRTL reported a consolidated revenue from operations of ₹8.51 billion (~$94.27 million) for the third quarter of the FY 2026, a 136.18% year-over-year increase from ₹3.60 billion (~$39.93 million).

In December 2025, WRTL secured a letter of award from an undisclosed Indian customer for the EPC of a 28.6 MW ground-mounted solar project on a turnkey basis.