Waaree Energies has received the National Company Law Tribunal's (NCLT) approval to acquire Indosolar. 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.
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 is in place and the latest generation of high-efficiency solar cells being used in the modules at its manufacturing plants in Gujarat.
Indosolar is engaged in the manufacture of poly-crystalline solar photo-voltaic (SPV) cells from silicon wafers utilizing crystalline silicon SPV cell technology for converting sunlight directly into electricity through a process known as the “photo-voltaic effect”.
