The acquisition comes amid projections of 8-10 per cent CAGR for India’s transformer market, driven by rising demand from emerging sectors such as green hydrogen, EV charging infrastructure, data centres, 5G rollout and railway electrification.
Waaree Energies Ltd, India’s largest solar module manufacturer, has acquired a 64 per cent equity stake in Kotsons Pvt. Ltd through a primary capital infusion of ₹1.92 billion. The acquisition marks Waaree’s formal entry into the transformer manufacturing segment, positioning it to meet rising demand across domestic and global markets.
Kotsons, established in 1979, brings over four decades of expertise in transformer production. Its facility in Alwar, Rajasthan, currently has a manufacturing capacity of 4,000 megavolt-amperes (MVA) and produces transformers up to 35 MVA at 36 kilovolts (kV). With UL certifications for dry-type transformers, Kotsons is well-positioned to serve export markets including the US and Canada. The company plans to expand its portfolio to include 110kV, 132kV and 220kV transformers.
The acquisition comes at a time when India’s transformer market is projected to grow at a CAGR of 8-10 per cent, reaching $5-6 billion by 2030.
Commenting on the development, Hitesh Doshi, Chairman & Managing Director of Waaree Group, said, “The acquisition of Kotsons marks a significant milestone in Waaree’s mission to accelerate the global energy transition. With India and the world witnessing a surge in demand for reliable power infrastructure, transformers are becoming increasingly critical in enabling electrification across industries such as green hydrogen, EVs, and data centres.”
Waaree’s strategic move strengthens its vertical integration, allowing it to offer end-to-end energy solutions, from solar generation to transmission and distribution infrastructure. The company’s customers will benefit from improved project economics, faster deployment timelines and globally compliant products.
Headquartered in Mumbai, Waaree operates solar PV module manufacturing facilities with a combined capacity of 16.7 GW, including plants in India and the US. Its broader portfolio spans solar panels and inverters, engineering, procurement and construction (EPC) services, battery energy storage systems, green hydrogen solutions, and data centre infrastructure.