Waaree Energies to acquire Indosolar Ltd

Type: Acquisition · Technology: Solar · Country: India · Announced: 2026-09-24

Waaree Energies' board has approved a draft scheme to amalgamate module manufacturer Indosolar Ltd with Waaree Energies, consolidating the two companies' assets and liabilities under a single entity. The proposed amalgamation is intended to simplify the group structure and integrate manufacturing operations. Indosolar currently lacks PV cell manufacturing capacity and depends on Waaree Energies or external suppliers for its principal raw materials. This merger will place cell and module manufacturing into one entity, creating a backward-integrated undertaking with integrated production planning and optimized inventory. Public shareholders of Indosolar would receive shares in Waaree Energies as part of the scheme.

Analysis

Waaree Energies Limited announced on 24 Sep 2026 that its board approved a draft scheme to amalgamate Indosolar Ltd, with public shareholders of Indosolar receiving shares in Waaree Energies and no transaction value disclosed. Indosolar Ltd currently lacks PV cell manufacturing capacity and depends on Waaree Energies or external suppliers for its principal raw materials. Waaree Energies Limited is a module manufacturer operating in India. The amalgamation will consolidate the two companies' assets and liabilities into a single, backward‑integrated entity that combines cell and module production. The scheme, approved on 24 Sep 2026, will be implemented subject to regulatory approvals.

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