Indosolar

Indosolar Limited was an Indian solar-manufacturing company focused on photovoltaic cells and solar panels. Its corporate history began in 2005, when entrepreneur Bhushan Kumar Gupta incorporated Robin Garments Private Limited. Gupta had previously founded Phoenix Lamps Ltd., an automotive halogen-lamp manufacturer. The company subsequently moved into the solar sector and changed its name to Robin Solar Private Limited in 2008, reflecting its revised business direction. A further corporate restructuring took place in 2009. Following a Delhi High Court order concerning the amalgamation of two incorporated companies, the business became a public limited company and adopted the name Indosolar Limited. The Registrar of Companies issued certificates confirming the change in corporate status and name in October 2009. This transition established Indosolar as a dedicated Indian photovoltaic manufacturing enterprise during a period when domestic solar production was being encouraged by India’s broader renewable-energy policy framework. Indosolar’s business was centered on the manufacture and supply of photovoltaic cells and solar panels rather than on consumer-facing solar products. In June 2014, the company secured a contract with Azure Power to supply 60 megawatts of solar power. The contract was described as the largest single solar contract under India’s National Solar Mission at that time, giving Indosolar visibility within the country’s expanding utility-scale solar market. The company later experienced sustained financial losses. It was admitted to India’s corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016. The insolvency process ultimately resulted in a resolution plan submitted by Waaree Energies. On 21 April 2022, the National Company Law Tribunal approved Waaree Energies’ plan to acquire Indosolar. The transaction increased Waaree’s solar-cell manufacturing capacity to 5.4 gigawatts, according to the available reference material. Indosolar’s history therefore spans three phases: an initial corporate vehicle established by Bhushan Kumar Gupta, a conversion into a solar-focused public company, and a later insolvency-led acquisition by Waaree Energies. The available material does not establish whether Indosolar continues to operate as an independent brand after the acquisition, so its present standalone brand status remains unclear.

Indosolar’s corporate origins date to 8 April 2005, when Robin Garments Private Limited was incorporated under India’s Companies Act. The company was established by Bhushan Kumar Gupta, who had previously founded Phoenix Lamps Ltd., an automotive halogen-lamp manufacturer. Although its original corporate name was unrelated to solar technology, the business later shifted toward the photovoltaic sector. On 2 July 2008, shareholders resolved to rename the company Robin Solar Private Limited. The change was intended to reflect the company’s presence in the solar business, and the Registrar of Companies issued a new certificate of incorporation on 21 July 2008. The renaming marked the company’s formal transition from its earlier corporate identity toward a solar-manufacturing identity. The next major change occurred in 2009. On 16 September of that year, the Delhi High Court ordered the amalgamation of two incorporated companies. Under the terms of the amalgamation, the company’s status changed from private limited to public limited, and it adopted the name Indosolar Limited. The Registrar of Companies issued certificates confirming the new status and name on 12 October and 30 October 2009. Indosolar operated as a manufacturer of photovoltaic cells and solar panels. Its activities placed it in India’s emerging domestic solar-manufacturing sector, which was developing alongside national efforts to expand solar generation. The company’s most specifically identified commercial milestone came on 13 June 2014, when it secured a contract with Azure Power to supply 60 megawatts of solar power. The agreement was described as the largest single solar contract under India’s National Solar Mission at that time. The company subsequently faced sustained financial losses and entered India’s corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016. The resolution process culminated in a plan submitted by Waaree Energies. On 21 April 2022, the National Company Law Tribunal approved Waaree Energies’ plan to acquire Indosolar. The acquisition raised Waaree’s solar-cell manufacturing capacity to 5.4 gigawatts, according to the available reference material. The available sources do not provide enough information to determine whether Indosolar remains active as a distinct operating brand following the acquisition. Its documented corporate trajectory is therefore best understood as the evolution of an Indian photovoltaic manufacturer from private incorporation, through public-company formation and utility-scale supply activity, to insolvency resolution and acquisition by Waaree Energies.

• 2022

  Waaree Energies acquisition approved

  [1]Indosolaren.wikipedia.org

  The National Company Law Tribunal approves Waaree Energies’ resolution plan to acquire Indosolar.

• 2014

  Azure Power awards 60 MW supply contract

  [1]Indosolaren.wikipedia.org

  Indosolar secures a 60 MW solar-power supply contract from Azure Power, described as the largest single contract under India’s National Solar Mission at the time.

• 2009

  Company becomes Indosolar Limited

  [1]Indosolaren.wikipedia.org

  Following a court-ordered amalgamation, the company becomes a public limited company and adopts the Indosolar name.

• 2008

  Company renamed Robin Solar Private Limited

  [1]Indosolaren.wikipedia.org

  Shareholders approve a name change intended to reflect the company’s move into the solar business.

• 2005

  Robin Garments Private Limited is incorporated

  [1]Indosolaren.wikipedia.org

  Bhushan Kumar Gupta incorporates Robin Garments Private Limited under India’s Companies Act.

An Indian photovoltaic manufacturing company serving the solar-energy supply chain and utility-scale project market.

• Solar manufacturing

  Photovoltaic cells

  Photovoltaic cells were a core part of Indosolar’s manufacturing business. The cells convert sunlight into electrical energy and form the basic generating components used in solar modules and panels. The available sources identify cell manufacturing as one of the company’s principal activities but do not specify particular cell technologies, efficiency ratings, product series, or capacities attributable to individual Indosolar products.

• Solar modules

  Solar panels

  Indosolar also manufactured solar panels for the photovoltaic market. These products assembled photovoltaic cells into modules suitable for solar-power installations and project supply. The reference material does not identify specific panel families, technical specifications, or continuing availability after Waaree Energies acquired the company.

• 2022

  Waaree Energies acquires Indosolar through insolvency resolutionM&A

  Background

  Indosolar had incurred sustained financial losses and entered the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016.

  Action taken

  The National Company Law Tribunal approved Waaree Energies’ resolution plan to acquire Indosolar on 21 April 2022.

  Aftermath

  The acquisition increased Waaree’s stated solar-cell manufacturing capacity to 5.4 gigawatts. The sources do not establish the continuing standalone status of the Indosolar brand.

  Source

• 2014

  Acceptance of Azure Power supply contractOther

  Background

  Azure Power sought solar-power supply for a utility-scale project during the expansion of India’s National Solar Mission.

  Action taken

  Indosolar entered into an agreement to supply 60 megawatts of solar power to Azure Power.

  Aftermath

  The agreement was described as the largest single solar contract under the National Solar Mission at that time.

  Source

• 2008

  Adoption of a solar-focused corporate identityStrategy

  Background

  The company’s original name, Robin Garments Private Limited, no longer reflected its move into solar activities.

  Action taken

  Shareholders approved the change to Robin Solar Private Limited, and the Registrar of Companies issued the updated incorporation certificate.

  Aftermath

  The renamed company later became Indosolar Limited after a further corporate amalgamation and conversion to public-company status.

  Source

1. 1Indosolaren.wikipedia.org