Waaree secures approval to acquire Indian solar cell maker

India's National Company Law Tribunal (NCLT) has approved Waaree's acquisition of Indosolar, in a deal that will expand its planned PV cell production capacity from 4 GW to 5.4 GW, while complementing its upcoming foray into module manufacturing.From pv magazine India Mumbai-based Waaree Energies has secured approval from the Delhi Bench of the National Company Law Tribunal for its planned acquisition of Indosolar. Indosolar, an Indian PV cell manufacturer, has incurred significant losses, eroding its net worth. As of March 31, 2021, it had a negative net worth of INR 99,779.49 ($1,285). Lenders ...

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