Waaree Energies will merge group-firm Indosolar with the company in a deal worth ₹9.5 billion ($99.23 million), the solar module manufacturers stated on Wednesday.
For every 11 Indosolar shares owned, shareholders will receive 1 share of Waaree Energies as part of the merger. According to the companies, integrating module and cell manufacturing under one entity will potentially lead to cost saving and streamline the company's structure.
Both Waaree Energies and Indosolar make solar photovoltaic modules, but Indosolar lacks internal cell production capacity and relies on Waaree Energies and other manufacturers for cells, the companies said.
Waaree Energies is a leading global energy transition company. It is established in 1990 and headquartered in Mumbai, operating across over 20 countries with an integrated portfolio that spans solar modules, EPC, inverters, energy storage systems, and green hydrogen.
The company has a manufacturing facilities in India and the US and over 10,000 project executions. It has backed by robust R&D, innovations, and a deep commitment to sustainability.
