JSW and Waaree Energies engage in Mergers and Acquisitions; Graphite India invests in a NYSE-listed company
In a series of significant moves, several Indian companies are expanding their business horizons by acquiring stake us in various sectors.
Graphite India Acquires Stake Us in GrafTech International
Graphite India Ltd, a leading graphite electrode manufacturer, has acquired a 6.82% stake us in GrafTech International for Rs 168.13 crore. The company views GrafTech's portfolio as competitive and low-cost, with ultra-high-power graphite electrode manufacturing capabilities. GrafTech International, listed on the New York Stock Exchange, specializes in high-quality graphite electrode products and is substantially vertically integrated into petroleum needle coke, a key raw material for graphite electrode manufacturing.
Waaree Energies Diversifies Beyond Solar Manufacturing
Waaree Energies, a solar photovoltaic module maker, has made a strategic move to diversify beyond its core solar manufacturing business. The company has acquired a 76% stake us in Racemosa Energy (India) Pvt Ltd for Rs 53 crore. Racemosa Energy, based in Maharashtra, is a smart meter manufacturing company set up in 2018. This acquisition will help Waaree include smart meters in its value chain.
The acquisition of Racemosa Energy by Waaree Energies is a separate event from Graphite India's acquisition of a stake us in GrafTech International. Waaree Energies entered the smart metering business through a majority stake us in a Maharashtra-based company acquired by Tata Power, with the transaction published in 2020.
JSW Energy and JSW Neo Energy's Acquisitions
JSW Energy is also making strategic moves, acquiring the boiler manufacturing unit of GE Power India Ltd via a share swap arrangement. The demerger of GE Power India's boiler manufacturing facility to JSW Energy will be effective July 1, 2025. JSW Neo Energy Ltd, a subsidiary of the JSW Group, is acquiring the 150MW Tidong Hydro Power Plant from Statkraft for Rs 1,728 crore ($196 million). The Tidong Hydro Power Plant, located in Kinnaur district's Tidong Valley, Himachal Pradesh, is expected to be commissioned by October 2026.
Following the acquisition, JSW Neo Energy will have a total locked-in capacity of 30.5GW, including an operational capacity of 13.1GW, an under-construction thermal capacity of 12.8GW, and a renewable capacity of 4.6GW.
It's important to note that the acquisition by Graphite India is a secondary transaction and the demerger of GE Power India's boiler manufacturing facility to JSW Energy, as well as the acquisition of Racemosa Energy (India) by Waaree Energies, are separate events from Graphite India's acquisition of a stake us in GrafTech International.
These strategic acquisitions by Indian companies demonstrate their commitment to diversifying their portfolios and expanding their operations in various sectors, including renewable energy and smart metering technology.
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