Waaree Power Private Limited (WPPL), a wholly owned subsidiary of Waaree Energies Limited, has entered into a Joint Venture Agreement with SmartenGrand Limited (SGL) and Waaree Semicon Private Limited to establish a semiconductor manufacturing venture in India. The development was disclosed by Waaree Energies in a regulatory filing under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The proposed joint venture will focus on the manufacturing and supply of semiconductor products, including power application diodes and related products, while also setting up a semiconductor fabrication unit in Gujarat. The initiative is aimed at strengthening domestic semiconductor manufacturing capabilities and supporting India’s growing electronics and power sectors.
Under the terms of the agreement, and subject to the fulfillment of closing conditions, WPPL will hold an 86.83 percent stake in Waaree Semicon Private Limited, while SmartenGrand Limited will hold the remaining 13.17 percent.
The parties will subscribe to the equity capital of Waaree Semicon based on business requirements and an independent valuation report. The investment may be made either in cash or in kind.
According to the agreement, the composition of the Board will be aligned with each party’s equity contribution to the joint venture. The partners will also appoint key managerial personnel in Waaree Semicon based on their respective areas of expertise. The agreement further includes customary provisions relating to representations, warranties, indemnities, termination, and dispute resolution.
Waaree Energies clarified that the transaction does not qualify as a related-party transaction and that SmartenGrand Limited is not related to the promoter, promoter group, or group companies of the company.
Waaree Semicon is a newly incorporated company and has not yet commenced business operations.
The company stated that the joint venture is expected to deliver competitive semiconductor products by combining SmartenGrand’s technology and design expertise with Waaree’s infrastructure, financial strength, and market presence.
