Waaree Energies Ltd. has made significant strides in its expansion and leadership restructuring during its Board meeting on December 23, 2024. Several key business decisions were approved, focusing on capital expenditures, investments in clean energy solutions, and a major leadership change.

Major Investments Approved

The Board of Directors approved a capital expenditure of Rs. 551 crores for setting up a 300 MW electrolyser manufacturing plant in its wholly-owned subsidiary Waaree Clean Energy Solutions Private Limited. This move is part of the PLI tender issued by the Ministry of New and Renewable Energy (MNRE) through SECI. The plant will contribute to the growing demand for clean energy technologies. The funding for this investment will be a mix of debt and internal accruals.

In addition, the Board approved another significant investment of Rs. 2073 crores for establishing a 3.5 GWh lithium-ion advanced chemistry storage cell manufacturing plant under its subsidiary Waaree Energy Storage Solutions Private Limited. The capital expenditure for this project will also be funded through a combination of debt and internal accruals, marking Waaree's strong commitment to renewable energy storage solutions.

Furthermore, a Rs. 130 crore capital expenditure plan was approved for the inverter business through Waaree Power Private Limited, with Waaree Energies Ltd contributing up to Rs. 40 crores to this venture.

Leadership Changes

The meeting also saw a leadership change, with Dr. Arvind Ananthanarayanan, a Non-Executive Director of the company, resigning from the Board. Dr. Ananthanarayanan cited personal circumstances, including his wife’s relocation to the Netherlands for professional commitments, which would limit his availability in India. His resignation is effective from December 23, 2024. The company has expressed gratitude for his contributions during his tenure.

In a strategic move, the Board also approved the appointment of Mr. Amit Paithankar (DIN: 02435057) as an Additional Director, designated as Whole-Time Director, effective December 23, 2024, for a term of five years. Mr. Paithankar, who is also the Chief Executive Officer (CEO) of Waaree Energies Ltd., brings over 25 years of industry experience, particularly in engineering, R&D, manufacturing, IT, and general management. His vast expertise across regions like India, Asia Pacific, Europe, and the US is expected to drive the company’s global expansion and support India's renewable energy goals.

Conclusion

With these strategic approvals, Waaree Energies Ltd. continues to strengthen its position in the renewable energy sector, focusing on green technologies such as electrolyser and lithium-ion storage. The leadership changes further position the company for continued growth, with Mr. Paithankar poised to steer Waaree Energies into a new era of innovation and sustainability.

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