Investment23 Dec 2024, 08:17 pm
Waaree Energies Approves Capital Expenditure of Rs. 3081 Crores and Appoints New Whole-time Director
AI Summary
Waaree Energies Ltd. announced the outcome of its Board Meeting held on December 23, 2024. The Board approved capital expenditures and investments for setting up electrolyser and lithium-ion battery manufacturing plants, and inverter business. Additionally, the Board accepted the resignation of Dr. Arvind Ananthanarayanan and appointed Mr. Amit Ashok Paithankar as an Additional Director and Whole-time Director. The Capex will be funded through a mix of debt and internal accruals.
Key Highlights
- Capital Expenditure of Rs. 551 crores for setting up 300 MW of Electrolyser manufacturing plant
- Capital Expenditure of Rs. 2073 crores and Investment of Rs. 650 crores for setting up 3.5 GWh Lithium Ion Advanced Chemistry Storage Cell manufacturing plant
- Capital Expenditure of Rs. 130 crores for Invertor Business
- Resignation of Dr. Arvind Ananthanarayanan, Non-Executive Director
- Appointment of Mr. Amit Ashok Paithankar as Whole-time Director