Waaree Energies Limited — Important, 23-12-2024: General Updates

The Board of Directors approved significant capital investments, allocating ₹551 Crore for a 300 MW electrolyser manufacturing plant under the PLI scheme, and ₹2,073 Crore for a 3.5 GWh lithium-ion battery facility. Additionally, ₹130 Crore will be invested in the inverter business, with ₹40 Crore contributed by Waaree Energies.

Dr. Arvind Ananthanarayanan resigned as a Non-Executive Director, citing personal commitments due to a relocation to the Netherlands. Simultaneously, Mr. Amit Paithankar was appointed as an Additional Director and Whole-time Director for a five-year term, effective immediately. With his extensive industry experience, he is positioned to steer Waaree Energies towards significant growth in the renewable sector. The company's strategic focus and strong financial backing suggest a positive outlook for future expansion and innovation. Investors should monitor these developments closely as they indicate a robust commitment to scaling operations and enhancing market competitiveness.