Waaree Energies Ltd. board on Monday approved mega capital expenditure commitments that span electrolyser, lithium ion battery and invertor manufacturing business worth nearly Rs 3,500 crore.
The company plans a capex of Rs 2,073 crore and investment of Rs 650 crore for setting up 3.5 GWh lithium ion advanced chemistry storage cell manufacturing plant in its wholly owned subsidiary Waaree Energy Storage Solutions Pvt. The capex will be funded by mix of debt and internal accruals.
Waaree Energies will set up a 300 megawatt electrolyser manufacturing plant under its wholly owned subsidiary Waaree Clean Energy Solutions Pvt. under the production-linked incentive scheme tender issued by the government through Solar Energy Corp. of India. The project will involve an investment of Rs 200 crore and capex amounting to Rs 551 crore, also to be funded by mix of debt and internal accruals.
Besides, capex of Rs 130 crore in invertor business through its wholly owned subsidiary Waaree Power Pvt has been approved by the board. The parent firm will contribute up to Rs 40 crore.
The board also approved changes in the top management. Non-Executive Director Arvind Ananthanarayanan has resigned with immediate effect on account of other professional commitments.
Chief Executive Officer Amit Paithankar has been given charge of additional director designated as Whole Time Director for a term of five years effective immediately, subject to approval of shareholders.
Waaree Energies is India's largest solar PV module manufacturer, with an operational capacity of 13.3 GW.
Shares of Waaree Energies closed 1.86% higher at Rs 2,931.5 apiece, after the announcement, compared to 0.64% gain in the benchmark BSE Sensex. Since its listing in late October, the stock has given a return of 25% so far.
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