Waaree Energies Limited announced the incorporation of ten new wholly-owned subsidiaries today, December 23, 2025. These new entities were established by Waaree Forever Energies Private Limited, a wholly-owned subsidiary of Waaree Energies Limited. The ten incorporated subsidiaries are Lumina Greentech Private Limited, Prithvi Vayu Green Energy Private Limited, Tejas Urja Solutions Private Limited, Akash Agni Renewables Private Limited, Vayu Jal Energy Private Limited, Surya Prakriti Power Private Limited, Agni Prithvi Renewables Private Limited, Jal Vayu Urja Private Limited, NetZero Ventures Private Limited, and Carbon Positive Energy Solutions Private Limited. All these companies were incorporated in India and registered with the Registrar of Companies, Mumbai. These newly formed companies are intended to facilitate and hold specific power projects under the Independent Power Producer (IPP) framework. As they are newly incorporated, they have no turnover and have yet to commence business operations. The parent company, Waaree Energies Limited, holds a 100% share capital in each of these newly incorporated entities. The disclosure regarding this incorporation is made pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.