Waaree Energies has received the approval from the National Company Law Tribunal, Delhi Bench (NCLT) for the resolution plan submitted by it towards the acquisition of Indosolar, a manufacturer of solar cells, under the corporate insolvency resolution process (CIRP) initiated by the lenders of Indosolar under the Insolvency and Bankruptcy Code 2016.
This acquisition will facilitate augmentation of solar cell manufacturing capacity of Waaree Energies to 5.4 GW from the currently planned 4 GW and will complement its planned expansion in solar module manufacturing.
The company in a statement said “Waaree is thankful to the Hon’ble NCLT for the approval of the resolution plan. Waaree expects to start manufacturing operations in approximately 6 months from the Indosolar plant post assessing the infrastructure including utilities and after ensuring that relevant equipment complementing the expansion plans are in place and latest generation of high efficiency solar cells being used in the modules at its manufacturing plants in Gujarat.”
