"Waaree Energies arm raises ₹1,003 crore to fuel mega battery gigafactory project."

Waaree Energies recently said its subsidiary, Waaree Energy Storage Solutions, has raised ₹1,003 crore from a group of strategic investors, including family offices, high-net-worth individuals and institutional investors.

The fundraise forms part of Waaree’s ₹10,000-crore capital expenditure plan to set up a 20 GWh advanced lithium-ion cell and battery pack manufacturing facility, the company said in a statement.

The proposed plant will focus on producing high-performance cells and battery packs for utility-scale energy storage systems, electric mobility and distributed energy applications.