Waaree Energies Limited announced on December 17, 2025, the incorporation of three new wholly-owned subsidiaries: Aqua Ray Renewables Private Limited, Vayu Shakti Renewables Private Limited, and Geo Nova Energy Private Limited. These new entities were incorporated by Waaree Forever Energies Private Limited, a wholly-owned subsidiary of Waaree Energies. The newly incorporated companies are in the Independent Power Producer (IPP) sector and have been established solely to facilitate and hold specific power projects under the IPP framework. As they are newly incorporated, their turnover is currently Nil. Waaree Forever Energies Private Limited holds 100% of the share capital in each of these three subsidiaries. The companies are registered in India and are yet to commence business operations.