Waaree Subsidiary Signs Agreements with Ultratech Cement
Waaree Energies Ltd announced that its wholly-owned subsidiary, Waaree Forever Energies Private Limited (WFEPL), and WFEPL's subsidiary, Solaris Horizon Energy Private Limited (SHEPL), have entered into agreements with Ultratech Cement Limited (UCL). These include a Share Subscription and Shareholders' Agreement (SSHA) and an Energy Supply Agreement (ESA). Under the SSHA, UCL will subscribe to 26% of SHEPL's equity. The ESA pertains to the supply and offtake of electricity generated from a project undertaken by SHEPL. SHEPL was incorporated in FY2025-26 as a special purpose vehicle and has yet to commence business. The transaction is expected to be completed within 180 days, with a cash consideration of INR 27.755 crore subject to equity subscription.
Key Highlights
- Waaree subsidiary enters into ESA and SSHA with Ultratech Cement.
- Ultratech Cement to acquire 26% stake in SHEPL for INR 27.755 Cr.
- Agreements cover electricity supply and offtake from SHEPL's project.
- SHEPL is a newly incorporated special purpose vehicle.
- Transaction completion expected within 180 days.
Price Impact
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