Waaree Energies, India's top solar panel manufacturer, has acquired Kamath Transformers Pvt. Ltd. for approximately $35 million USD (₹293 crore) as part of its vertical integration strategy. The all-cash deal gives Waaree full ownership of Kamath, a transformer manufacturer whose revenues grew from $3.1 million in FY22 to $14.7 million in FY24.

By internalizing transformer production, Waaree aims to tighten supply chain control, reduce costs, and improve project timelines across its utility-scale solar developments. The move follows Waaree's strongest financial quarter, with EBITDA of $110 million and net profit of $74 million.

Waaree also approved the acquisition of Green New Delhi Forever Energy Pvt Ltd, a non-operational firm, through its subsidiary, signaling a push into owning and operating solar assets under the IPP model.

As India targets 500 GW of non-fossil fuel capacity by 2030, Waaree is positioning itself as a fully integrated player--spanning manufacturing, grid components, and asset development.

Source: marksmendaily.com