Waaree Energies to acquire 76% stake in smart meter maker Racemosa Energy
Waaree Energies, a leading solar PV module manufacturer, has acquired a 76 per cent stake in Racemosa Energy India for Rs 53 crore. In an exchange filing, Waaree Energies said that the company’s board of directors, which met on September 18, approved the acquisition.
Racemosa Energy India, founded in 2018, is a Maharashtra-based manufacturer of smart electric meters. Waaree Energies said the company’s primary objective for the majority acquisition of Racemosa Energy India is to integrate smart meters into the company’s portfolio to strengthen its presence across the energy value chain.
