Waaree Energies Limited’s board of directors approved the draft scheme of amalgamation of Indosolar Limited with Waaree Energies Limited and their respective shareholders. Both companies are engaged in the manufacturing of solar photovoltaic modules, while Waaree Energies is also engaged in the manufacturing of solar cells and setting up projects in solar, space and the sale of electricity. The proposed amalgamation aims to consolidate the companies’ assets and liabilities, integrate solar cell and module manufacturing into a single entity, and simplify the group structure.
Under the proposed scheme, Waaree Energies will issue one fully paid-up equity share of Rs 10 for every 11 fully paid-up equity shares of Rs 10 held by eligible Indosolar shareholders. Upon the scheme becoming effective, Indosolar will be dissolved without a separate winding-up process. Following the amalgamation, the promoter shareholding in Waaree Energies will decrease from 64.12 per cent to 63.91 per cent, while public shareholding will increase from 35.88 per cent to 36.09 per cent. The amalgamation remains subject to statutory, regulatory and customary approvals, including those of the Bombay Stock Exchange Limited, the National Stock Exchange of India Limited, the jurisdictional National Company Law Tribunal, and the shareholders and creditors of the companies, as applicable.
In September 2026, Waaree Energies Limited, through its wholly owned subsidiary Waaree Forever Energies Private Limited, received a letter of award from Solar Energy Corporation of India Limited for the development of a 700 MW solar project and a 700 MW/2,800 MWh energy storage solution in Solapur, Maharashtra.
