Waaree Energies Units Sign Deal for Gujarat Semiconductor Venture

MUMBAI, India — August 13, 2026 — Renewable energy manufacturer Waaree Energies Limited announced Thursday that its wholly-owned subsidiary, Waaree Power Private Limited, together with step-down subsidiary Waaree Semicon Private Limited, has entered into a definitive Joint Venture Agreement with SmartenGrand Ltd to manufacture semiconductor products and establish a semiconductor fabrication unit in Gujarat, India.

The strategic joint venture marks a major diversification for Mumbai-headquartered Waaree Energies, expanding its manufacturing footprint into semiconductor fabrication. The project will focus on the production and supply of power application diodes and related electronic components aimed at serving industrial and clean energy sectors.

Shareholding and Joint Venture Structure

Under the terms of the agreement, Waaree Power Private Limited (WPPL) will hold an 86.83 percent stake in the joint venture entity, Waaree Semicon Private Limited. Overseas partner SmartenGrand Ltd (SGL) will hold the remaining 13.17 percent equity stake.

Capital contributions to Waaree Semicon will be made in cash or kind by both parties based on equity valuation reports issued by an independent valuer. The board composition of the venture will directly reflect each party's relative equity contribution, with key managerial personnel appointed according to operational expertise.

Technical Rationale and Gujarat Fabrication Unit

The joint venture seeks to combine SmartenGrand's semiconductor design and technical capabilities with Waaree Group's industrial infrastructure, capital access, and market footprint. The establishment of a semiconductor fabrication unit in Gujarat aligns with broader efforts to localized electronic component manufacturing across domestic supply chains.

Waaree Semicon Private Limited, the operating unit for the venture, is a newly incorporated company that will now commence capital expenditure and facility development in Gujarat. Company filings confirm the transaction does not involve related parties, as SmartenGrand holds no prior financial interest or affiliation with Waaree Group promoters.

Strategic Context in India's Tech Sector

The joint venture underscores a broader expansion wave among Indian clean technology firms moving upstream into semiconductor production. Power application diodes are fundamental components in high-voltage electrical conversion, power electronics, solar power inverters, and electric vehicle drive systems.

By anchoring its semiconductor fabrication facility in Gujarat, Waaree Energies positions itself to capture domestic demand for essential industrial power electronics, reducing reliance on imported component assemblies.

Official Sources Section

Information in this news report is derived from regulatory filings submitted by Waaree Energies Limited to Indian stock exchanges under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, dated August 13, 2026.

Quote Section

"According to official regulatory filings signed by Waaree Energies Company Secretary Rajesh Ghanshyam Gaur, the joint venture combines SmartenGrand's technology and design expertise with Waaree's infrastructure, financial strength, and market presence to deliver competitive semiconductor products in India."

Why It Matters

This joint agreement grants Waaree Energies direct entry into high-tech manufacturing, bolstering domestic supply chains for critical components like power diodes. For industrial consumers and electronics manufacturers, a localized fab unit in Gujarat offers localized supply chain resilience. For equity investors, the 86.83 percent ownership structure retains majority control and economic upside within Waaree Energies' consolidated business operations.

Key Facts at a Glance

• Partnership Entities: Waaree Power Private Limited, Waaree Semicon Private Limited, and SmartenGrand Ltd.

• Equity Distribution: WPPL holds 86.83%, while SGL holds 13.17%.

• Primary Facility Location: Semiconductor fabrication unit to be set up in Gujarat, India.

• Core Product Focus: Power application diodes and related high-voltage semiconductor components.

• Related Party Status: Independent transaction with no promoter interest.

FAQ Section

What did Waaree Energies announce regarding semiconductors?

Waaree Energies announced that its subsidiaries entered into a Joint Venture Agreement with SmartenGrand Ltd to build a semiconductor fabrication unit in Gujarat and manufacture power application diodes.

What is the shareholding breakdown of the joint venture?

Waaree Power Private Limited holds an 86.83 percent equity stake, while SmartenGrand Ltd holds a 13.17 percent stake in Waaree Semicon Private Limited.

Where will the semiconductor fabrication unit be located?

The joint venture plans to establish its semiconductor fabrication manufacturing facility in Gujarat, India.

Who is SmartenGrand Ltd?

SmartenGrand Ltd (SGL) is an independent international technology partner providing design expertise and technical intellectual property for power diode production.

Source: Official regulatory disclosures filed with BSE Limited, National Stock Exchange of India Limited, and Waaree Energies Limited.