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Waaree Energies receives NCLT’s nod for acquisition of Indosolar

Friday, 27 May 2022
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Waaree Energies, a solar PV module manufacturer, has received an approval from the National Company Law Tribunal, Delhi Bench (NCLT) on 21 April 2022 for the resolution plan submitted by it towards the acquisition of Indosolar, a manufacturer of solar cells, under the corporate insolvency resolution process (CIRP) initiated by the lenders of Indosolar under the Insolvency and Bankruptcy Code 2016. 
 
This acquisition will facilitate augmentation of solar cell manufacturing capacity of Waaree Energies to 5.4 GW from the currently planned four GW and will complement its planned expansion in solar module manufacturing. 
 
Waaree expects to start manufacturing operations in approximately six months from the Indosolar plant post assessing the infrastructure including utilities.
 
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