New Delhi: Waaree Energies Limited has announced an investment of Rs 300 crore in its wholly-owned subsidiary Waaree Energy Storage Solutions Private Limited (WESSPL) to set up a 3.5 GWh Lithium-Ion Advanced Chemistry Storage Cell manufacturing plant, the company informed the stock exchanges on Wednesday.
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The investment is being made through a rights issue of 60 crore partly paid-up equity shares of face value Rs 10 each, issued at par. Waaree said Rs 5 per share has been paid on application and the remaining Rs 5 will be payable on call.
WESSPL, incorporated in February 2020 in Mumbai, will remain a wholly-owned subsidiary of Waaree Energies after the transaction. The company, which belongs to the renewable energy sector, has reported nil turnover since inception.
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The planned 3.5 GWh facility underscores Waaree’s push into energy storage — a critical segment as India expands renewable energy capacity and looks to strengthen grid reliability with advanced battery technologies.