Waaree Energies Arm Enters a JV Agreement with SmartenGrand for Semiconductor Products

Waaree Energies Ltd. is expanding beyond its core renewable energy business after its wholly owned subsidiary, Waaree Power Private Limited (WPPL), along with Waaree Semicon Private Limited, entered into a Joint Venture Agreement with SmartenGrand Ltd. (SGL), as per the exchange filings.  

The proposed venture will focus on semiconductor manufacturing in India, with the partners planning to establish a fabrication unit in Gujarat. 

Waaree to Hold 86.83% in the Venture 

Subject to the closing conditions under the agreement, WPPL will hold 86.83% in Waaree Semicon, while SmartenGrand will own the remaining 13.17%. The venture is structured as a domestic joint venture.  

The companies will subscribe to Waaree Semicon's equity based on a valuation report prepared by an independent valuer.  

Power Diodes and Semiconductor Manufacturing on the Agenda 

The proposed JV will manufacture and supply semiconductor products, including power application diodes and related products. It also plans to set up a semiconductor fabrication facility in Gujarat.  

This gives Waaree an entry into semiconductor manufacturing, a business that is separate from its existing solar-focused operations. 

Technology Meets Waaree's Infrastructure 

The partnership brings together different capabilities from the two sides. According to the company, SmartenGrand will contribute its technology and design expertise, while Waaree will bring its infrastructure, financial capability and market presence.  

The stated objective is to develop products that are competitive in the market by combining these capabilities. 

Newly Incorporated Waaree Semicon Yet to Begin Operations 

Waaree Semicon is a newly incorporated company and has not yet commenced business operations, according to the filing. This means the semiconductor venture is currently at an early stage, with the manufacturing plans yet to be operationalised.  

The agreement also provides for board representation based on each party's equity contribution, while key managerial appointments will be made according to the respective expertise of the partners.  

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Waaree Energies Share Price Performance 

As of August 14, 2026, at 11:03 AM, Waaree Energies share price was trading at ₹2,667.00 per share, reflecting a decline of 0.74% from the previous trading session. 

Conclusion 

The semiconductor venture is still at an early stage, with Waaree Semicon yet to begin operations. For Waaree Energies, the deal opens up a new business area, while the next step will be to build out the planned manufacturing facility in Gujarat. 

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Investments in the securities market are subject to market risks, read all the related documents carefully before investing. 

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