PV module manufacturer, Waaree Energies has received the approval from the National Company Law Tribunal, Delhi Bench (NCLT) to acquire Indosolar Limited, a manufacturer of solar cells.
The acquisition is 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.
“Waaree expects to start manufacturing operations in approximately six 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,” Waaree Energies said in a statement.
Waaree Energies currently operates four manufacturing facilities comprising five factories in India at Surat, Chikhli, Tumb and Nandigram. As of June 30, 2021, the company had 388 franchisees in 25 states and two Union Territories across India.
Solar modules manufactured by Waaree have been delivered to 19 countries.
