Waaree Energies acquires 64% stake in Kotsons Pvt Ltd for ₹192 Cr, integrating transformer manufacturing to offer end-to-end solar and grid solutions for the energy transition.
Strategic Move Integrates Transformer Manufacturing with Solar Modules, Creating an End-to-End Renewable Energy Solutions Provider
Mumbai, India – In a strategic move to vertically integrate and dominate the renewable energy value chain Waaree Energies Ltd., India’s largest solar module manufacturer has acquired a 64% equity stake in transformer maker Kotsons Private Limited through a primary capital infusion of approximately ₹192 crores. The acquisition makes Kotsons a subsidiary of Waaree and marks the solar giant’s formal entry into the critical transformer manufacturing business.
The investment will be used to significantly scale Kotsons’ existing manufacturing capacity, enabling it to meet the surging domestic and international demand for transformers, which is being driven by India’s green energy transition.
Why This Acquisition is a Strategic Masterstroke
- Vertical Integration: Waaree can now offer a completely integrated solution—from solar panels and inverters to the transformers needed for grid integration. This provides customers with a one-stop shop, ensuring compatibility, faster project deployment and improved economics.
- Capturing a Growing Market: The Indian transformer market is projected to grow at a CAGR of 8-10% to reach $5-6 billion by 2030, fueled by new demand from green hydrogen projects, EV charging networks, data centers, 5G infrastructure, and railway electrification.
- Technology and Quality Control: By bringing transformer manufacturing in-house, Waaree gains greater control over technology, quality, and sustainability standards, which is crucial for complying with stringent international market requirements, including those in North America.
Kotsons: A Legacy of Four Decades in Transformer Manufacturing
Founded in 1979, Kotsons brings over four decades of expertise and a state-of-the-art manufacturing facility in Alwar, Rajasthan. Key capabilities include:
- Current Capacity: 4,000 MVA
- Current Product Range: Transformers up to 35 MVA 36kV
- Global Certifications: Certified to serve customers worldwide.
- Expansion Plans: The investment will enable Kotsons to expand its capacity to manufacture higher-rated transformers of 110kV, 132kV, and 220kV, tapping into a more premium and in-demand segment.
Leadership Vision: Building an End-to-End Energy Ecosystem
Dr. Hitesh Doshi, Chairman & Managing Director of Waaree Group, stated: “Transformers play a critical role in renewable energy projects by enabling efficient power distribution and reliable grid integration… Kotsons’ proven expertise, global-ready certifications, and decades of experience make it the ideal partner in our mission to accelerate the global energy transition. For customers, this means access to a unified solutions portfolio spanning solar modules to certified transformers, ensuring reliability and sustainability.”
This move perfectly aligns with Waaree’s ambition to be more than just a panel seller but a comprehensive renewable energy solutions provider, offering everything from solar modules, inverters, and EPC to now including critical grid infrastructure.
The Bigger Picture: Waaree’s Expanding Empire
Established in 1990, Waaree Energies is already a behemoth:
- Solar Module Capacity: ~16.7 GW (including acquisitions and a facility in Texas, USA)
- Solar Cell Capacity: Up to 5.4 GW
- Global Presence: Operations in over 25 countries.
- Diverse Portfolio: Solar panels, inverters, EPC, green hydrogen, battery storage, and data centers.
The acquisition of Kotsons is a logical and powerful next step in building an unstoppable integrated energy ecosystem, poised to capitalize on the world’s massive shift to clean power.
