Waaree Renewable acquires 55% controlling stake in power infrastructure firm APSPL for ₹1,225 crore via mixed primary-secondary transaction

M&A / JV 18 Jun 2026· ₹1,225 crore · Completed· ✓ Verified

WRTL acquired both newly issued equity shares and existing shares held by the Desai, Kothari, and Patel family trusts, plus founder Ajay Patel, in a two-tier structure: Share Purchase and Subscription Agreement (covering fresh issuance and secondary purchase) and Shareholders Agreement (governing inter-se director nomination, pre-emptive rights, and capital structure restrictions post-acquisition). APSPL, founded 1996, operates in power transmission tower fabrication, galvanised structures, and EPC services with ₹1,226 crore FY25 revenue and ₹339 crore net worth. The acquisition realigns Waaree's strategy from pure solar EPC toward integrated end-to-end renewable generation, transmission,…

Why it mattersMixed primary-secondary equity acquisition with registered valuer pricing on fresh issuance exemplifies structuring discipline for unquoted acquisitions; family trust sellers and locked-in shareholder agreements signal clear promoter monetisation within family-controlled business models.
CounselRajani Associates
SectorEnergy & Renewables
Value₹1,225 crore
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