Waaree Energies Limited has informed the Exchange regarding Outcome of Board Meeting held on March 24, 2026.
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Waaree Energies' board met on March 24, 2026 and approved two key decisions. First, the company will increase its stake in its subsidiary Waaree Transpower Private Limited (WTPL, formerly Kotsons Private Limited) from 64.04% to 75.10% by buying 2.53 crore equity shares at Rs 75 per share, totalling Rs 190 crore in cash, expected to complete by June 2026. Second, the board approved a capital expenditure of Rs 3,900 crores to set up a glass manufacturing plant of 2,500 tonnes per day capacity in its wholly owned subsidiary Waaree Green Glass Private Limited, to be funded through a mix of debt and internal accruals. WTPL, incorporated in 1978, manufactures transformers (oil-filled, dry-type, and renewable energy applications) and has a current capacity of 4,000 MVA, with turnover of Rs 8.47 crores in FY25.
The moves signal aggressive vertical expansion — deeper control over the transformer subsidiary and a major foray into solar glass manufacturing, which is a key input for solar modules and could improve supply chain integration. The Rs 3,900 crore capex is a significant spend that will lift debt levels but could boost long-term margins if the glass plant supports captive needs. The acquisition is a related-party deal done at arm's length pricing, and shareholders should watch for execution timelines and debt impact.