Mumbai. 27th May 2022: Waaree Energies Limited, a leading solar PV module manufacturer in India, has received the approval from the Hon’ble National Company Law Tribunal, Delhi Bench (NCLT) on 21st April 2022 for the resolution plan submitted by it towards the acquisition of Indosolar Limited, a manufacturer of solar cells, under the corporate insolvency resolution process (CIRP) initiated by the lenders of Indosolar Limited under the Insolvency and Bankruptcy Code 2016.
This acquisition will facilitate augmentation of solar cell manufacturing capacity of Waaree Energies to 5.4 GW from the currently planned 4 GW and will complement its planned expansion in solar module manufacturing.
The company in a statement said “Waaree is thankful to the Hon’ble NCLT for the approval of the resolution plan. Waaree expects to start manufacturing operations in approximately 6 months from the Indosolar plant post assessing the infrastructure including utilities and after ensuring that relevant equipment complementing the expansion plans are in place and latest generation of high efficiency solar cells being used in the modules at its manufacturing plants in Gujarat.”
About Waaree Energies
Waaree Energies is one of the major players in the solar energy industry in India focused on photovoltaic (PV) module manufacturing. The company currently operates four manufacturing facilities comprising of five factories in India at Surat, Chikhli, Tumb and Nandigram. The company over the years has developed a track record of manufacturing high quality and technologically advanced PV modules. As of June 30, 2021, the company had 388 franchisees in 25 states and two Union Territories across India.
Solar modules manufactured by Waaree have been delivered to 19 countries. According to the Approved List of Models and Manufacturers (ALMM) for solar PV module manufactured in India, it had a market share of 24 percent based on the total enlisted capacity as of August 31, 2021.