Waaree Smart Meters, a step-down subsidiary of Waaree Energies, has acquired a 24.21% equity stake in smart meter manufacturer Eppeltone Engineers for approximately ₹217.8 million (~$2.3 million).

According to Waaree, the acquisition aims to integrate smart meters into its operations and strengthen its presence across the energy value chain.

Eppeltone Engineers manufactures electronic energy meters, including smart meters, and power conditioning devices.

Waaree Smart Meters completed the acquisition through an off-market transaction on August 7, 2026.

The Ministry of Power reported that 47.6 million smart meters were installed across the country so far under various programs as of November 15, 2025, while 203.3 million meters have been approved under the Revamped Distribution Sector Scheme based on proposals submitted by the states.

According to the Ministry, installing smart meters has positively impacted the utilities of Assam and Bihar. About 44% of consumers in Assam saved roughly 50 units per month through consumption tracking and accurate billing. It has also helped the DISCOMs of the two states reduce losses, with the benefits ultimately going to consumers.

Last September, Waaree Power, a wholly owned subsidiary of Waaree Energies, announced it would acquire a 76% stake in Maharashtra-based smart meter manufacturing company Racemosa Energy.

The Board of Directors of Waaree Energies approved an investment of ₹1.9 billion (~$20.32 million) in its transformer solutions subsidiary Waaree Transpower, increasing its stake in the company to 75.1%.

This March, the Board of Directors of Waaree Energies approved an investment of ₹1.9 billion (~$20.32 million) in its transformer solutions subsidiary Waaree Transpower, increasing its stake in the company to 75.1%.

Last year, Waaree acquired a 64% stake in Kotsons for ₹1.92 billion (~21.79 million), which was later renamed Waaree Transpower.

In January 2026, Waaree Renewable Technologies, the engineering, procurement, and construction arm of the Waaree Group, announced the acquisition of approximately a 55% equity stake in power transmission and distribution company Associated Power Structures for a total consideration of around ₹12.25 billion (~$133.6 million).