Waaree Energies gets NCLT approval to acquire Indosolar

Waaree Energies has received the National Company Law Tribunal’s (NCLT) approval to acquire Indosolar Limitedunder the corporate insolvency resolution process (CIRP) initiated by the lenders of Indosolar Limitedunder the Insolvency and Bankruptcy Code 2016.

The acquisition will facilitate augmentation of the 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 is expecting 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 the latest generation of high-efficiency solar cells being used in the modules at its manufacturing plants in Gujarat.