Waaree Energies will merge group-firm Indosolar with the company in a deal worth 9.5 billion rupees ($99.23 million), the solar module manufacturers said on Wednesday.
Under the merger, Indosolar shareholders will receive 1 share of Waaree Energies for every 11 shares held.
The merger will integrate cell and module manufacturing under one entity, which the companies said would lead to cost savings and simplify the group structure.
Waaree Energies and Indosolar both make solar photovoltaic modules, but Indosolar does not have its own cell production capacity and depends on Waaree Energies and other manufacturers for cells, the companies said.