Waaree Group has made a strategic entry into grid infrastructure by acquiring a 55% stake in Gujarat-based Associated Power Structures Ltd (APSL) for ₹1,225 crore, marking a significant diversification beyond its core renewable energy and solar manufacturing business.
The acquisition positions Waaree to tap into India’s expanding power transmission and grid modernisation opportunity, driven by rising electricity demand, renewable energy integration, and large-scale network upgrades. Associated Power Structures specialises in engineering, manufacturing, and execution of transmission line towers, substation structures, and related grid infrastructure components.
Industry experts say the move aligns well with India’s energy transition goals, where strengthening transmission infrastructure is critical to evacuate renewable power and improve grid reliability. With increasing investments in interstate transmission systems, green energy corridors, and distribution upgrades, the grid infrastructure segment offers long-term growth visibility.
Waaree is expected to leverage APSL’s execution capabilities and established order book, while bringing in financial strength, scale, and strategic direction. The partnership could also enable operational synergies and expansion into newer geographies and higher-capacity projects.
Analysts view the acquisition as a forward-looking step that de-risks Waaree’s business model by adding a stable infrastructure vertical. As India accelerates power sector investments, Waaree’s entry into grid infrastructure strengthens its position across the renewable energy value chain—from generation to transmission.
