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. Separately, Waaree Energies has announced that it has received an order from a leading domestic solar developer for the supply of 2 GW of solar modules. Module deliveries are scheduled during fiscal years 2026-27 and 2027-28.
Waaree said the proposed amalgamation of Indosolar is intended to simplify the group structure and integrate the manufacturing operations. Indosolar lacks PV cell manufacturing capacity and currently depends on Waaree Energies or external suppliers for its principal raw materials. Thus, its production volumes, cost structures, and margins are substantially determined by the terms of such supply arrangements.
Waaree said Indosolar’s dependence on others for its principal raw materials may hinder its progress to operate as a profitable independent unit. Indosolar’s amalgamation with Waaree Energies places cell and module manufacturing into one entity, creating a backward-integrated undertaking with integrated production planning, optimised inventory and improved domestic content traceability. It will further eliminate the continuing related party transactions arising from cell supply and resolve the conflict inherent in allocating cell output between the two shareholder groups.
Under the scheme, public shareholders of Indosolar would receive shares in Waaree Energies.
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