Waaree Energies Limited announced the incorporation of two wholly-owned step-down subsidiaries, Zephyr Green Power Private Limited and Jal Surya Power Private Limited, on December 18, 2025. These entities were established 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 formed to facilitate and hold specific power projects under the IPP framework. As they are newly incorporated, their turnover is currently Nil. Both companies are registered in India with the Registrar of Companies, Mumbai, and are yet to commence business operations. Waaree Forever Energies Private Limited holds a 100% share capital in both Zephyr Green Power Private Limited and Jal Surya Power Private Limited.