Waaree Energies enters into Transformer Business with Strategic Majority Acquisition of Kotsons Private Limited

Mumbai, India – 3^rd September 2025 – Waaree Energies Limited, India’s largest solar module manufacturer and a leading renewable energy company, has acquired 64% equity stake in Kotsons Private Limited through a primary capital infusion of about ₹192 crores, making Kotsons a subsidiary of Waaree Energies. The proceeds of this infusion will be strategically utilized to further expand Kotsons’ manufacturing capacity, enabling it to meet the growing domestic and global demand for transformers.

Established in 1979, Kotsons brings over four decades of expertise in transformer manufacturing with its state-of-the-art facility at Alwar, Rajasthan, currently having a production capacity of 4,000 MVA. The company manufactures transformers up to 35 MVA 36kV and already holds certifications to serve both domestic and global markets. Importantly, Kotsons’ UL certifications for dry transformers open significant opportunities for exports to the USA and Canada, aligning with Waaree’s growing international presence.

The acquisition comes at a pivotal time for India’s power infrastructure sector. The country’s transformer market is expected to grow at a CAGR of 8–10%, reaching USD 5–6 billion by 2030, with demand expanding at 7.44% CAGR. This growth will be driven by emerging sectors such as green hydrogen, EV charging infrastructure, data centres, 5G rollout, and railways. By integrating Kotsons into its portfolio, Waaree not only gains a strong foothold in this expanding market but also strengthens its vertical integration, enabling greater control over technology, quality, and sustainability.

For Waaree’s customers, this translates into a more holistic offering – from world-class solar modules to high-efficiency, eco-friendly transformers that ensure reliable grid integration, improved project economics, and faster deployment timelines. Customers also benefit from globally compliant solutions that meet international standards, particularly in advanced markets like North America. For Waaree, the move reinforces its position as a full-spectrum energy transition company, capable of delivering end-to-end solutions that cover generation, transmission, and distribution infrastructure.

Commenting on the acquisition, Dr. Hitesh Doshi, Chairman & Managing Director, Waaree Group, said: “Transformers are a critical enabler in solar projects and renewable energy infrastructure, ensuring reliable grid integration and efficient power distribution. As Waaree expands its leadership in solar manufacturing, entering the transformer business through Kotsons is a natural extension of our vision to provide integrated, end-to-end energy solutions. The acquisition of Kotsons marks a significant milestone in Waaree’s mission to accelerate the global energy transition. With India and the world witnessing a surge in demand for reliable power infrastructure, transformers are becoming increasingly critical in enabling electrification across industries such as green hydrogen, EVs, and data centers. Kotsons, with its rich legacy, proven expertise, and global-ready certifications, is the perfect partner in this journey. For our customers, this integration means access to a seamless and diversified energy solutions portfolio, spanning solar modules to internationally certified transformers, delivering reliability and sustainability at scale. For Waaree, it strengthens our vertical integration, expands our exports capability, and brings us closer to our vision of becoming a truly global integrated energy solutions provider.”

About Waaree Energies Limited

Founded in 1990, Waaree Energies Limited is India’s leading renewable energy company, driving the global transition to clean power. Headquartered in Mumbai, Waaree operates advanced manufacturing facilities with a total solar PV module capacity of ~16.7 GW worldwide (including 1.3 GW from Indosolar and 1.6 GW in Texas, USA) and a solar cell capacity of up to 5.4 GW. With a strong footprint across India and over 25 countries, Waaree offers a comprehensive portfolio spanning solar panels & inverters manufacturing, EPC services, green hydrogen solutions, battery energy storage systems, green energy infrastructure, and data centres. Committed to sustainability and innovation, Waaree delivers cutting-edge, cost-effective solutions to power a greener future.