Mumbai-based Waaree is primarily a maker of solar photovoltaic (PV) modules and an engineering, procurement and construction company in solar energy.
It also has a 100 megawatts (MW) portfolio as an independent power producer, of which 50MW in Madhya Pradesh and 25MW in Andhra Pradesh are currently operational.
Hero Future Energies, the renewable power venture of the New Delhi-based Munjal family, is close to buying the solar power generating assets of Waaree Energies Ltd in a ₹500-550 crore deal.
Waaree’s solar plants have been on the block for nearly a year. ReNew Power, India’s largest developer by capacity, has evaluated them for an acquisition, but talks fell through earlier this year. Meanwhile, Hero Future pursued a failed attempt to buy Orange Renewable from Singapore’s AT Capital Group.
If the sale goes through, Waaree will focus on its PV module manufacturing business, where it has a capacity of 1.5GW in Vapi and Surat, and its retail network of rooftop solar installations.
Waaree also planned to start manufacturing lithium-ion batteries from next year, which would add the energy storage component to new-age green energy plants, said the first person cited earlier.
Although both the companies are denying any email queries at this moment.