Waaree Energies board approves investment proposals worth Rs 850 crore

Waaree Energies Ltd on Monday said its board has approved three investment proposals aggregating Rs 850 crore to set up electrolyser and storage cell manufacturing facilities.

The board also approved capital expenditure (capex) of Rs 130 crore in invertor business through its wholly-owned subsidiary Waaree Power Private Limited.

The board approved "capital expenditure of Rs 551 crore and investment of Rs 200 crore for 300 MW electrolyser manufacturing plant in its wholly-owned subsidiary Waaree Clean Energy Solutions, under the PLI Scheme," Waaree Energies said in an exchange filing.

It also approved a capital expenditure of Rs 2,073 crore and an investment of Rs 650 crore for setting up a 3.5 GWh Lithium-Ion Advanced Chemistry Storage Cell manufacturing plant in its wholly-owned subsidiary Waaree Energy Storage Solutions.

The capex will be funded by a mix of debt and internal accruals, the company said.

The board further approved the appointment of Amit Paithanka, Chief Executive Officer (CEO), as an Additional Director of the company, designated as Whole Time Director.

His appointment for five years, effective from December 23, 2024, is subject to the approval of shareholders.