New Delhi, Sept. 3 -- Solar panel maker Waaree Energies, backed by investors such as Baring PE, Norges, and ValueQuest, has announced the acquisition of Kotsons, a transformer manufacturer based in Alwar, Rajasthan. This marks the company's first takeover since its public listing in October last year.
Waaree has acquired a 64% stake in Kotsons for Rs 192 crore ($21.7 million), according to a regulatory filing reviewed by VCCircle.
Kotsons manufactures a diverse range of transformers, including oil-filled, dry type, special purpose, and renewable energy variants, with a current production capacity of 4,000 MVA.
Earlier this year, Waaree had announced the acquisition of Enel Green Power India. However, media reports in August indicated that the deal was on the verge of collapse due to disagreements over unmet conditions in the deal announced in January. That marked Waaree's first attempted acquisition in 2025.
In FY25, Waaree's consolidated revenue jumped over 26% to Rs 14,444.5 crore, while net profit surged 51% to Rs 1,928 crore.
Separately, the company's board has approved an inter-company transaction to acquire 100% shareholding in Impactgrid Renewables, a newly formed renewable energy step-down subsidiary, from Waaree Forever Energies.
Published by HT Digital Content Services with permission from VC Circle.