Waaree Invests Rs. 192 Cr. to Acquire Majority Stake in Kotsons

Waaree Energies Limited has acquired a 64% stake in transformer manufacturing company Kotsons Private Limited for Rs. 192 crore. The company shared this information in its stock exchange filing dated 2nd September 2025.

Kotsons, an Indian firm established in 1979, specializes in designing, manufacturing, and supplying transformer solutions. The company has its manufacturing facility in Alwar, Rajasthan, which has an annual production capacity of 4,000 Mega Volt-Ampere (MVA). The company holds UL certifications for dry transformers, which makes these transformers eligible to be exported to the USA and Canadian markets.

Waaree’s capital infusion of Rs. 192 crore in the company will be used to expand Kotsons’ transformer manufacturing operations at its Alwar plant. At present, the company manufactures transformers of up to 35 MVA/36 KV.

Waaree Energies is diversifying into the transformers segment. This also explains the company’s decision to acquire Bengaluru-based Kamath Transformers with Rs. 293 crore investment.

As per Waaree Energies, India’s transformer market is expected to grow at a compound annual growth rate (CAGR) of 8–10%, reaching USD 5–6 billion by 2030. Further, the company expects India’s demand for transformers to grow at a Compound Annual Growth Rate (CAGR) of 7.44% till 2030. Key growth drivers include Green Hydrogen projects, EV charging infrastructure, data centers, 5G rollout, and railway electrification.