Date: August 12, 2026
Board Meeting Outcomes
Waaree Forever Energies Private Limited (WFEPL), a wholly-owned subsidiary of Waaree Energies Limited, and Solaris Horizon Energy Private Limited (SHEPL), a wholly-owned subsidiary of WFEPL, have entered into two agreements with Ultratech Cement Limited (UCL):
- Energy Supply Agreement (ESA)
- Share Subscription and Shareholders' Agreement (SSHA)
Disinvestment / Strategic Actions
Under the Share Subscription and Shareholders' Agreement:
- Ultratech Cement Limited will subscribe to and hold 26% of the total paid-up equity share capital of SHEPL
- Cash consideration of INR 27,75,50,000 (Rupees Twenty Seven Crore Seventy Five Lakhs Fifty Thousand Only)
- SHEPL was incorporated in Financial Year 2025-26 as a special purpose vehicle and is yet to commence business
Under the Energy Supply Agreement:
- The parties have agreed to supply and offtake electricity generated from the project undertaken by SHEPL
Transaction Details
- Date of agreement: August 12, 2026
- Expected completion date: Within 180 days from execution of ESA and SSHA, subject to fulfilment of conditions precedent/subsequent
- Ultratech Cement Limited is engaged in the business of cement manufacturing and sale of grey cement, ready mix concrete (RMC) and white cement
- UCL does not belong to the Promoter/Promoter Group/Group Companies of Waaree Energies Limited
- The transaction does not qualify as a related party transaction