Solar module maker Waaree Energies on Friday said it has received the National Company Law Tribunal’s approval to acquire Indosolar Ltd.
“Waaree Energies Ltd has received the approval from the National Company Law Tribunal, Delhi Bench (NCLT) on April 21, 2022, for the resolution plan submitted by it towards the acquisition of Indosolar Ltd, a manufacturer of solar cells, under the corporate insolvency resolution process (CIRP) initiated by the lenders of Indosolar Ltd under the Insolvency and Bankruptcy Code 2016,” a company statement said.
This 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, it added. “Waaree is thankful to the NCLT for the approval of the resolution plan,” the company said in the statement.
Waaree 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.
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