Forever Energy Private Limited has been recently incorporated and is currently non-operational. It has been specifically established to manage and hold power projects under the Independent Power Producer (IPP) framework.

This makes it a special purpose vehicle (SPV) for Waaree Energies' IPP operations, which aligns with the company's long-term vision of being an integrated player in the renewable energy ecosystem.

Acquisition Details

• Acquirer: Waaree Forever Energies Pvt Ltd

• Acquisition Cost: ₹1 lakh, with 10,000 equity shares at a face value of ₹10 each

• Shareholding Acquired: 100% ownership

• Transaction Type: Cash consideration

• Related Party Transaction: No

Strategic Rationale

This acquisition is intended to create a platform for holding and operating future energy projects that Waaree plans to develop or invest in. By maintaining separate entities for IPP projects, Waaree Energies can ensure focused governance, efficient project management, and easier funding through targeted vehicles.

Why These Acquisitions Matter for Waaree Energies

Diversification and Infrastructure Enhancement

By acquiring Kamath Transformers, Waaree gains access to a business that is both financially sound and integral to energy transmission systems. The company’s historical revenue growth shows its capability to scale operations and support India’s growing energy infrastructure needs.

On the other hand, Forever Energy’s acquisition serves as a strategic investment into future-readiness, giving Waaree a corporate framework to enter into and manage large-scale energy production projects, both in solar and hybrid formats.

Financial Commitment and Execution

Both acquisitions are cash-based, reflecting Waaree Energies' strong balance sheet and confidence in return on investment. This also sends a clear message to stakeholders that the company is financially committed to long-term growth and infrastructure integration.

Waaree’s Broader Vision

These acquisitions reflect Waaree Energies’ intent to become an end-to-end renewable energy player, covering everything from module manufacturing and EPC solutions to energy storage, power generation, and now, transformer production and project-specific SPVs.

The renewable energy sector in India is evolving rapidly with the National Solar Mission and government push towards 300 GW of solar energy by 2030. In this environment, companies like Waaree that are proactively diversifying and verticalising are likely to emerge as industry leaders.

Conclusion

The dual acquisition of Kamath Transformers and Forever Energy by Waaree Energies is a well-timed, strategic move that sets the foundation for stronger control over its supply chain and long-term participation in power generation. These steps not only increase the company’s capabilities but also enhance its positioning in India’s renewable energy value chain.

With India's energy transition gaining momentum, Waaree Energies is expanding at the right time, positioning itself to serve not only current needs but also future power demands with stronger infrastructure and project ownership.

The Upcoming IPOs in this week and coming weeks are Blue Water Logistics, Unified Data - Tech Solutions, Victory Electric Vehicles International, Borana Weaves, Dar Credit and Capital, Belrise Industries, Wagons Learning.

The Closed IPOs are Accretion Pharmaceuticals, Integrity Infrabuild Developers.

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