Singhi Advisors served as the exclusive strategic and financial advisor for the acquisition of a strategic majority stake by the USD 10 billion Waaree Group – India’s largest solar equipment manufacturer – in Associated Power Structures Limited, a Gujarat‑based integrated transmission tower company valued at INR 20 billion.
This deal represents Singhi Advisors’ 15th transaction in the Engineering & Infrastructure sector and the 12th in the power equipment space in recent years.
Waaree Renewable Technologies Ltd (WRT) will invest ₹1,225 crore to acquire a majority stake in power transmission towers maker Associated Power Structures Ltd, the company said in a regulatory filing. The company expects to complete the transaction by 30 April 2026.
The listed engineering, procurement and construction (EPC) arm of the Waaree Group will acquire a 55% stake in the Vadodara-based firm through an infusion of primary and secondary capital. About a fourth of the ₹1,225 crore earmarked for the deal will be infused as primary capital into the firm, while the rest will be used to acquire a stake from existing shareholders, a person aware of the deal said.
Associated Power is an EPC firm specializing in power transmission towers and substations. The company delivers end-to-end design, manufacture, and execution of transmission and substation EPC up to 800 kV high-voltage DC lines. The company has a manufacturing capacity of 108,000 mtpa across two facilities in Vadodara.
