Waaree Power, a wholly owned subsidiary of Waaree Energies, will acquire a 76% stake in Maharashtra-based smart meter manufacturing company, Racemosa Energy.

The company will acquire the shares at a cost of ₹530 million (~$6 million).

The acquisition will strengthen Waaree’s presence across the energy value chain by integrating smart meters into its portfolio of products and services.

The acquisition is expected to be completed within the financial year (FY) 2026.

The Waaree group has recently forayed into the power transformers segment with the acquisition of two companies. These acquisitions are also likely to be completed in FY 2026.

Earlier this month, the company announced it was acquiring a 64% equity stake in Kotsons, a Rajasthan-based power transformer solutions company, for ₹1.92 billion (~$21.79 million). Waaree’s board approved the share subscription and shareholders’ agreements for the acquisition of 25.6 million shares costing ₹75 (~$0.85) per share at a face value of ₹10 (~$0.11) each. Post acquisition, Kotsons will become Waaree’s subsidiary. The acquisition is expected to be completed by September 30, 2025.

In May, Waaree said it will acquire Kamath Transformers for ₹2.93 billion (~$34.25 million).

It also said it was acquiring independent power producer Green New Delhi Forever Energy for ₹100,000 (~$1,170). According to Mercom India’s 1H and Q2 2025 Solar Funding and M&A Report, there were 50 solar mergers and transactions, compared to 40 in 1H 2024.

The largest acquisition deal was made by ONGC NTPC Green, a joint venture between ONGC Green and NTPC Green Energy, which signed a share purchase agreement for $2.3 billion to acquire a 100% equity stake in the utility-scale renewable energy platform, Ayana Renewable Power.

Waaree Energies was among the top solar module suppliers in 2024, according to Mercom’s India Solar Market Leaderboard 2025. The company ranked second in the list, accounting for 10.7% of all module shipments during the year.