Waaree Energies receives NCLT’s nod for acquisition of Indosolar Ltd

This acquisition will facilitate augmentation of solar cell manufacturing capacity of Waaree Energies to 5.4 GW

FPJ Web DeskUpdated: Friday, May 27, 2022, 03:23 PM IST
article-image
Waaree expects to start manufacturing operations in approximately 6 months from the Indosolar plant. /Logo |

Waaree Energies Limited, solar PV module manufacturer in India, has received the approval from the National Company Law Tribunal, Delhi Bench (NCLT) on April 21, 2022 for the resolution plan submitted by it towards the acquisition of Indosolar Limited, a manufacturer of solar cells, under the corporate insolvency resolution process (CIRP) initiated by the lenders of Indosolar Limited under the Insolvency and Bankruptcy Code 2016.

This acquisition will facilitate augmentation of 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.

The company in a statement said, “Waaree expects 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 are in place and latest generation of high efficiency solar cells being used in the modules at its manufacturing plants in Gujarat.”

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Maharashtra: Shinde camp to hold virtual press conference in evening; Sena executive meeting...

Maharashtra: Shinde camp to hold virtual press conference in evening; Sena executive meeting...

Amid political crisis, Mumbai Police to ensure security at political offices

Amid political crisis, Mumbai Police to ensure security at political offices

'That's when I knew I wanted to do': Sachin Tendulkar remembers India's World Cup triumph in 1983

'That's when I knew I wanted to do': Sachin Tendulkar remembers India's World Cup triumph in 1983

Ranji Trophy final: Rajat Patidar scores unbeaten 120, Madhya Pradesh take first-innings lead...

Ranji Trophy final: Rajat Patidar scores unbeaten 120, Madhya Pradesh take first-innings lead...

Assam flood situation witnesses slight improvement; over 33 lakh still affected in 28 districts

Assam flood situation witnesses slight improvement; over 33 lakh still affected in 28 districts