New Delhi: Waaree Energies Ltd said on Friday that its board has approved the acquisition of a majority stake in Racemosa Energy (India) Pvt Ltd, a company engaged in manufacturing smart meters. In a filing to the stock exchanges, Waaree Energies said its wholly-owned subsidiary Waaree Power Pvt Ltd will subscribe to 76 percent of the share capital of Racemosa Energy for a cash consideration of about Rs 53 crore. Following the transaction, Racemosa Energy will become a step-down subsidiary of Waaree Energies.
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The company said the move is aimed at integrating smart meter manufacturing into its portfolio to strengthen Waaree’s presence across the energy value chain. Racemosa Energy, incorporated in 2018 in Maharashtra, will bring expertise in smart meter technology at a time when India is pushing for rapid rollout of advanced metering infrastructure.
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The acquisition will be carried out through cash subscription and is expected to be completed in FY 2025-26, subject to execution of definitive agreements and customary closing conditions. The company clarified that the transaction does not fall under related-party transactions.
