Waaree Energies’ wholly owned subsidiary -- Waaree Power (WPPL), along with its subsidiary Waaree Semicon (Waaree Semicon), has entered into a Joint Venture Agreement with SmartenGrand, (SGL). The proposed Joint Venture (JV) will engage in the business of manufacturing and supplying semiconductor products, including power application diodes and related products and setting up of semiconductor fabrication unit in India. Subject to closing conditions as per the joint venture agreement, WPPL will hold 86.83% and SGL will hold 13.17% shareholding in Waaree Semicon.
The companies propose to enter into the joint venture for the purpose of manufacturing and supplying semiconductor products, including power application diodes and related products and setting up semiconductor fabrication unit in Gujarat, India.
Waaree Energies is primarily engaged in the business of manufacture of solar photo-voltaic modules, setting up of projects in solar space and sale of electricity.
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