Waaree Energies Receives NCLT’s Nod For Acquisition of Indosolar Ltd.

Waaree Energies Yet To See Approval For Issue Of IPO

Waaree Energies Limited, a leading solar PV module manufacturer in India, has received formal approval from the National Company Law Tribunal, Delhi Bench (NCLT) on 21^st April 2022 for the resolution plan submitted by it towards the acquisition of Indosolar Limited, a manufacturer of solar cells, under the corporate insolvency resolution process (CIRP) initiated by the lenders of Indosolar Limited under the Insolvency and Bankruptcy Code 2016.

This acquisition will facilitate augmentation of solar cell manufacturing capacity of Waaree Energies to 5.4 GW from the currently planned 4 GW and will complement its planned expansion in solar module manufacturing.

The company in a statement said “Waaree is thankful to the Hon’ble NCLT for the approval of the resolution plan. Waaree expects to start manufacturing operations in approximately 6 months from the Indosolar plant post assessing the infrastructure including utilities and after ensuring that relevant equipment complementing the expansion plans are in place and latest generation of high efficiency solar cells being used in the modules at its manufacturing plants in Gujarat.”

Established in 2008, Indosolar was founded by Bhushan Kumar Gupta, to deliver high efficiency solar products to the local and international markets.