Waaree Energies Limited has announced the incorporation of eight wholly-owned step-down subsidiaries through its wholly-owned subsidiary, Waaree Forever Energies Private Limited. The Certificates of Incorporation for these new entities were received on January 16, 2026.

These newly incorporated companies, including Positive Impact Renewables Private Limited, Green Shift Power Ventures Private Limited, Carbon Xcelerate Energy Private Limited, Future Grid Energy Private Limited, Clean Edge Energy Private Limited, Future Volt Energy Private Limited, Green Rise Projects Private Limited, and Blue Leaf Power Private Limited, were incorporated on January 13, 2026, and January 15, 2026. They are all registered in India with the Registrar of Companies, Mumbai.

The primary objective of these subsidiaries is to facilitate and hold specific power projects under the Independent Power Producer (IPP) framework. As these entities are newly incorporated and have yet to commence business operations, their turnover is currently Nil. The acquisition does not fall within related party transactions, and the promoter or promoter group has no interest in these entities.