Waaree Energies to buy 64% of Kotson’s for ₹192 crore, acquires Impactgrid Renewables

Waaree Energies Ltd, India’s largest solar panel maker by capacity, said on Tuesday its board approved the acquisition of a 64% stake in transformer maker Kotson’s Pvt Ltd for ₹192 crore, making it a subsidiary.Kotson’s, founded in 1978, designs and supplies transformer solutions and has a plant capacity of 4,000 MVA.

The company will also acquire 100% of Impactgrid Renewables Pvt Ltd from its wholly owned unit Waaree Forever Energies Pvt Ltd. Impactgrid, a step-down subsidiary, was recently incorporated and is non-operational.

Waaree said the Kotson’s deal is expected to close by Sept 30. It will strengthen vertical integration, expand markets, and enhance control over supply chain and product quality, the company said.

Last week, the company’s US-based unit, Waaree Solar Americas, secured an order to supply 452 megawatts (MW) of advanced solar modules to a leading American developer of utility-scale solar and energy storage projects.

The modules, scheduled for delivery in FY2026-27, mark a significant push by the Indian renewable firm into North America as the US seeks to accelerate decarbonisation goals.

Shares of Waaree Energies ended 0.1% lower at ₹3,198.35 on the BSE.