Solar module manufacturer Waaree Energies will acquire a 64% equity stake in Rajasthan-based power transformer solutions company Kotsons for ₹1.92 billion (~$21.79 million).

Waaree’s board of directors approved the company’s 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.

According to Waaree’s BSE filing, Kotsons acquisition will entail vertical integration, market expansion, and access to the electrical ecosystem to enhance control over the supply chain and product quality.

Kotsons has a production capacity of 4,000 MVA.

In another decision, Waaree’s board approved the acquisition of 100% of equity in renewable energy company Impactgrid Renewables, a step-down subsidiary of Waaree Forever Energies, for ₹100,000 (~$1,135.08).

Impactgrid is a newly incorporated company and is non-operational.

This acquisition is expected to be completed in the current financial year.

The Waaree group manufactures solar modules and provides engineering, procurement and construction services across ground-mounted, rooftop and floating solar project categories.

Waaree Energies’ total income for the first quarter of the financial year 2026 rose 31% year-over-year to ₹45.97 billion (~$529.19 million) from ₹34.96 billion (~$402.44 million). Waaree achieved its highest-ever quarterly module production of 2.3 GW in this quarter, compared to 1.4 GW in the corresponding quarter last year.

The company’s manufacturing capacity includes 15 GW of solar modules and 5.4 GW of solar cells. It has an order book of approximately 25 GW, worth approximately ₹490 billion (~$5.64 billion).

In June this year, Waaree Energies announced a strategic realignment of certain components of its integrated 6 GW module, cell, ingot, and wafer manufacturing facility, citing execution delays.

In the same month, Waaree Energies proposed divesting 1.15% of its shares in its solar cell manufacturing unit Indosolar. The divestment would include an offer for sale of 476,495 shares of Indosolar, each with a face value of ₹10 (~$0.116) per share.