, India’s largest module manufacturer, has acquired a 64 per cent equity stake in transformer manufacturer Kotsons Private Limited for ₹192 crore, the company announced on Tuesday. The acquisition makes Kotsons a subsidiary of the -based firm.
The capital infusion will be used to expand Kotsons’ manufacturing capacity at its Alwar, Rajasthan facility, which currently has a production capacity of 4,000 MVA. The company manufactures transformers up to 35 MVA 36kV and plans to expand into manufacturing 110kV/132kV/220kV transformers.
Established in 1979, Kotsons brings over four decades of transformer manufacturing expertise. The company holds UL certifications for dry transformers, positioning it for exports to the USA and Canada markets.
The move comes as India’s transformer market is projected to grow at 8-10 per cent CAGR, reaching ₹5-6 billion by 2030. Growth drivers include green hydrogen projects, EV charging infrastructure, data centres, 5G rollout and railway electrification.
Dr. Hitesh Doshi, Chairman and Managing Director of Waaree Group, said the acquisition aligns with the company’s vision to provide integrated energy solutions. “Transformers are a critical enabler in solar projects and renewable energy infrastructure,” Doshi stated.
Waaree operates manufacturing facilities with 16.7 GW solar PV module capacity worldwide and serves markets across India and over 25 countries.
The shares of Waaree Energies Limited were trading at ₹3,216.30 up by ₹17.20 or 0.54 per cent on the NSE today at 3.05 pm.