Waaree Energies Limited — Others, 02-07-2025: Shareholders meeting

Waaree Energies Ltd. has announced a board meeting to seek shareholder approval via postal ballot for varying the objects of its IPO to change the location of its 6 GW integrated solar manufacturing project. The project, originally planned entirely in Dhenkanal, Odisha, will now be split across Butibori (Nagpur, Maharashtra) for ingot-wafer, Unn (Gujarat) for solar cells, and Samakhiali (Gujarat) for modules. The total project cost remains largely unchanged at around Rs. 9,050 Cr. The shift addresses power availability concerns, accelerates execution, leverages operational synergies near existing facilities, and taps state fiscal incentives. Fund deployment schedules and timelines for commercial production at each site have been updated accordingly. The management expects no financial impact but notes risks related to market demand and capacity utilization. Shareholders are requested to approve this strategic realignment to enhance project viability and operational efficiency.