Waaree Energies Ltd has issued a clarification regarding a reported deal with the Andhra Pradesh government for the establishment of India's largest battery gigafactory in the state with an investment of Rs 8,175 crore.
In an exchange filing on Thursday, the company clarified that it had already approved the increase in the manufacturing capacity of lithium-ion advanced chemistry storage cells and battery energy storage systems from 3.5 GWh to 20 GWh, along with an additional capital expenditure of approximately Rs 8,000 crore in its wholly owned subsidiary, Waaree Energy Storage Solutions Pvt., on Oct. 1, 2025.
The same, Waaree said, was intimated to the exchanges on Oct. 1 itself. Separately, it added that the company was in discussions with the Andhra Pradesh government and certain other state governments for setting up the proposed greenfield manufacturing facility, updates of which will be communicated with the exchanges.
"The Company is in discussions with the Government of Andhra Pradesh and certain other state governments for setting up the proposed greenfield manufacturing facility. The Company shall keep the stock exchanges duly informed of any material developments in this matter, in accordance with applicable regulations," the filing highlighted.
Waaree Energies assured the exchanges that the movement in the share price was market driven and that there is no unpublished price sensitive information that is pending to be disclosed to the stock exchanges.
Earlier in the day, some media reports had claimed that Waaree Energies committed to establishing India's largest integrated lithium-ion battery gigafactory at Rambilli in Anakapalli district in Andhra Pradesh with an investment of Rs 8,175 crore.
Share Price
Waaree Energies' stock ended 3% lower at Rs 2874.30 apiece on the NSE, this compares to a 1.41% decline in the Nifty on Thursday.
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