In a top M&A development today, Waaree Technologies said it will invest Rs 1,225 crore in power transmission towers maker Associated Power Structures. Separately, a report from Grant Thornton Bharat showed that India’s M&A activity hit a record high in 2025.
Waaree Technologies to invest in EPC firm
Waaree Renewable Technologies Ltd (WRT) is set to invest Rs 1,225 crore ($133 million) in lieu of a 55% stake in power transmission towers maker Associated Power Structures Ltd, per a regulatory filing.
The transaction, which will involve a mix of primary and secondary capital, is expected to be completed by April.
The engineering, procurement, and construction (EPC) arm of the Waaree Group was listed on BSE in 2012.
The acquisition will help Waaree ramp up its EPC capabilities and focus on developing solar power plants for its clients.
Associated Power operates in the power transmission EPC space, focusing on the design, manufacturing and execution of transmission towers and substation projects.
The company undertakes high-voltage transmission and substation projects of up to 800 kV and has a manufacturing capacity of 108,000 tonnes a year across two plants in Vadodara.
M&A activity hits record high
India’s M&A activity hit a record high in 2025, with 963 transactions and $60.2 billion in deal value, the strongest level in three years, according to a recent report by Grant Thornton Bharat.
Megadeals played a key role, with 14 transactions worth over $1 billion accounting for $34.3 billion of the total value.
Domestic deals dominated, making up 74% of volumes, while outbound M&A remained resilient at $15.5 billion, the data showed. Manufacturing led deal volumes, while banking and financial services topped deal values.
The second half of 2025 contributed 65% of total deal value, signalling renewed confidence, the report stated.
