HSBC India has successfully financed Waaree Renewable Technologies' ₹1,225 crore acquisition of a 55% stake in Associated Power Structures Private Ltd (APSPL), marking one of the first acquisition financing deals executed by a private or foreign bank under the Reserve Bank of India's revised framework. The transaction was funded through a combination of debt from HSBC and equity contributed by Waaree, with HSBC describing it as a landmark rupee-denominated acquisition financing deal and among the first delivered by a bank in India under the revised framework. According to Business Standard, this transaction follows the RBI's amendment to the Commercial Banks–Credit Facilities Directions on March 30, 2026, which liberalised the acquisition financing framework for banks.
The acquisition was executed in May 2026 when the company executed definitive agreements for the acquisition of Associated Power Structures Pvt Ltd (formerly known as Associated Power Structures Ltd). These agreements included the Shareholders Agreement as well as the Share Purchase and Subscription Agreement. As reported by The Hindu BusinessLine, this marks a significant expansion for Waaree Renewable Technologies, as the company did not have any shareholding in APSPL prior to this acquisition. The groundwork for the acquisition was laid in May when both sides signed the shareholders' agreement and share purchase and subscription agreement.
The ₹1,225 crore investment represents a substantial commitment by Waaree Renewable Technologies to expand its renewable energy infrastructure capabilities through this strategic acquisition. The acquisition has transformed APSPL into a subsidiary, providing Waaree Renewable Technologies with enhanced control and operational synergies in the power structures sector. According to Business Standard, HSBC implemented the revised framework ahead of its effective date of July 1, 2026, enabling it to facilitate this transaction. The revised acquisition financing regime creates a new funding avenue and unlocks additional liquidity for Indian corporates pursuing domestic acquisition financing.
Following the completion of the acquisition, Waaree Renewable Technologies share price opened 1.25% higher at ₹988 on Friday around 9:47 AM. The addition of APSPL is expected to strengthen Waaree's presence in the broader energy ecosystem, where developers are increasingly looking for scale and execution capabilities across multiple parts of the value chain. According to Business Standard, Chetan Joshi, co-head of Financing Solutions at HSBC India, noted that this transaction is one of the first such executed by a bank in India and the first by either a foreign bank or private sector bank. HSBC expects to see more such transactions in the months ahead, with the bank actively building its pipeline for acquisition financing deals.
