Waaree Energies Limited, India’s largest solar module manufacturer and a leading renewable energy solutions provider, has acquired a 64% equity stake in Kotsons Private Limited through a primary capital infusion of approximately ₹192 crores. With this acquisition, Kotsons becomes a subsidiary of Waaree Energies. The investment will be used to scale Kotsons’ manufacturing capacity, positioning the company to meet increasing demand for transformers in both domestic and international markets.
Founded in 1979, Kotsons brings over four decades of experience in transformer manufacturing. Its state-of-the-art facility in Alwar, Rajasthan, has a current production capacity of 4,000 MVA and produces transformers up to 35 MVA 36kV. The company is certified to serve customers globally and is now preparing to expand capacity further to manufacture and supply transformers of 110kV, 132kV, and 220kV ratings.
The acquisition comes at a crucial time for India’s power infrastructure sector, with the transformer market projected to grow at a CAGR of 8–10% and reach USD 5–6 billion by 2030. Demand is being fueled by emerging sectors such as green hydrogen, EV charging networks, data centers, 5G infrastructure, and railways. By integrating Kotsons, Waaree strengthens its vertical integration and secures a stronger position in the rapidly growing transformer market, enhancing control over technology, quality, and sustainability.
For customers, this expansion enables Waaree to offer a more complete portfolio—from high-performance solar modules to efficient, eco-friendly transformers—ensuring seamless grid integration, improved project economics, and faster deployment. The integration also ensures compliance with global standards, including those in advanced markets like North America, and enhances Waaree’s ability to serve international customers.
Commenting on the acquisition, Dr Hitesh Doshi, Chairman & Managing Director, Waaree Group, said:
“Transformers play a critical role in renewable energy projects by enabling efficient power distribution and reliable grid integration. As Waaree expands its leadership in solar manufacturing, entering the transformer business with Kotsons is a natural extension of our strategy to provide integrated, end-to-end energy solutions. Kotsons’ proven expertise, global-ready certifications, and decades of experience make it the ideal partner in our mission to accelerate the global energy transition. For customers, this means access to a unified solutions portfolio spanning solar modules to certified transformers, ensuring reliability and sustainability
Established in 1990, Waaree Energies Limited is India’s largest solar energy company, driving the global transition to clean power. Headquartered in Mumbai, the company operates advanced manufacturing facilities with a total solar PV module capacity of ~16.7 GW (including 1.3 GW from Indosolar and 1.6 GW in Texas, USA) and solar cell capacity of up to 5.4 GW. With a strong presence across India and in more than 25 countries, Waaree offers a wide portfolio including solar panels, inverters, EPC services, green hydrogen solutions, battery energy storage, green energy infrastructure, and data centers. Focused on sustainability and innovation, Waaree delivers cost-effective, high-quality solutions to power a cleaner and more sustainable future.
