Waaree Energies Limited has invested ₹300 crore in Waaree Energy Storage Solutions Private Limited, a wholly-owned subsidiary. The investment was made through a rights issue. This move aims to support the subsidiary’s growth and expansion in the energy storage sector. The funds will be used to set up a 3.5 GWh Lithium Ion Advanced Chemistry Storage Cell manufacturing plant.
Investment in Waaree Energy Storage Solutions
Waaree Energies Limited has announced an investment of ₹300 crore in its wholly-owned subsidiary, Waaree Energy Storage Solutions Private Limited. This investment was executed through a rights issue, further integrating the subsidiary within Waaree Energies’ portfolio.
Purpose of the Investment
The capital injection is primarily intended for establishing a 3.5 GWh Lithium Ion Advanced Chemistry Storage Cell manufacturing plant. This facility will significantly enhance the company’s manufacturing capabilities and contribute to its strategic objectives in the renewable energy storage market.
Details of the Subsidiary
Waaree Energy Storage Solutions Private Limited was incorporated on February 4, 2020, and is based in Mumbai, Maharashtra. As a wholly-owned subsidiary, it plays a crucial role in Waaree Energies’ broader strategy. The turnover for the last 3 financial years has been Nil, indicative of its developmental stage.
Shareholding and Control
The investment of ₹300 crore, made through the rights issue of partly paid-up equity shares (Face Value of ₹10/- each at par), will not alter the percentage of shareholding or control that Waaree Energies has in its subsidiary. This reinforces Waaree Energies’ commitment to and control over its energy storage ventures.
Source: BSE
