Associated Power Structures
Associated Power Structures is an Indian EPC contractor and tower manufacturer specializing in power transmission, telecom, and renewable energy infrastructure, operating two Gujarat facilities with 108,000 MTPA capacity and serving utilities and developers across 16+ countries.
- Company typePrivate
- Founded1996
- HeadquartersVadodara, India
- Headcount501–1,000
- GTM typeB2B
- OfferingHardware or Manufacturing
What Associated Power Structures does
Associated Power Structures (APS) is a Vadodara, India-based EPC contractor and manufacturer of galvanized lattice towers serving power transmission, telecom, and renewable energy infrastructure. Founded in 1996, the company executes turnkey projects for overhead transmission lines up to 1200kV, substations, distribution networks, underground cabling, and solar and wind energy evacuation infrastructure. APS operates two integrated manufacturing facilities at Bamangam and Manglej in Gujarat with a combined annual capacity of 108,000 metric tonnes, producing towers and structures designed using PLS-CADD, STAAD Pro, and AutoCAD and finished through in-house galvanizing compliant with IS 2629 and IS 4759 standards. The company holds ISO 9001, OSHAS, and CE certifications and reports a track record of 10,461+ circuit kilometers executed and 890,000+ MT of lattice towers supplied.
APS monetizes primarily through EPC project contracts awarded by utilities, government entities, and private developers, supplemented by tower manufacturing and supply sales and standalone galvanizing services offered to external customers. Customer segments span state and private power utilities and grid operators, renewable energy developers (wind and solar), telecom operators and tower companies, and government and private buyers across 16+ international markets in Asia, Africa, and Europe. Go-to-market is direct enterprise sales conducted through government tenders, industry engagement, and established utility relationships, with project-based pricing negotiated per specification, scale, and complexity rather than published rate cards.
Revenue grew from approximately Rs 420 crore in FY23 to Rs 1,226.64 crore in FY25, supported by a reported order book of Rs 4,000 crore as of January 2026. In early 2026, APS received SEBI clearance for a Rs 400 crore IPO but subsequently withdrew the offer; in June 2026, Waaree Renewable Technologies acquired a 55% stake for Rs 1,225 crore, implying an enterprise valuation near Rs 2,800 crore and making APS a subsidiary within Waaree Group's Waaree 2.0 integrated clean energy platform. The transaction was financed through a combination of HSBC India debt and Waaree equity under RBI's revised acquisition-financing framework.
Associated Power Structures firmographics
Firmographics- Name
- Associated Power Structures
- Legal name
- Associated Power Structures Limited
- Website
- https://apspvt.com
- Company type
- Private
- Founded year
- 1996
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- Associated Power Structures is an Indian EPC contractor and tower manufacturer specializing in power transmission, telecom, and renewable energy infrastructure, operating two Gujarat facilities with 108,000 MTPA capacity and serving utilities and developers across 16+ countries.
- Ownership category
- akta.pro rank
Associated Power Structures industry classification
Industry- Product category
- Power Transmission Tower Manufacturing
- NAICS
- Power and Communication Line and Related Structures Construction (237130)
- SIC
- Water, Sewer, Pipeline, Comm & Power Line Construction (1623)
- akta.pro primary industry
- Transmission line EPC & construction (overhead) (EUADAKAA)
- akta.pro secondary industries
- Poles, Towers & Structures (wood/steel/concrete poles, lattice towers, monopoles, crossarms) (EUADADAF), Telecom Tower & Mast Construction (Greenfield Builds, Foundations, Erection) (IMAFAIAC), Grid Interconnection & Collector Substation EPC (Utility-Scale Renewables) (EUAEABAK)
Keywords
Where Associated Power Structures is headquartered
LocationHeadquarters
- HQ city
- Vadodara
- HQ country
- India
- HQ region
- Asia
Offices2 records
Markets served
Associated Power Structures business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Supply Chain, Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales
Revenue model
- EPC Project Execution: Turnkey EPC contracts for overhead transmission lines, substations, distribution networks, underground cabling, and solar and wind energy projects. Revenue recognized from project execution with one-time project fees.
- Tower Manufacturing & Supply: Manufacturing and supply of galvanized lattice towers and structures for power transmission and telecom infrastructure, including custom fabrication and job works
- Galvanizing Services: Corrosion protection services for steel structures complying with IS 2629 & IS 4759 standards, offered as standalone service to external customers
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
Associated Power Structures product offering
Product offeringCore offering
Associated Power Structures designs, manufactures, galvanizes, and erects galvanized lattice towers and steel structures for high-voltage power transmission lines (up to 1200kV), substations, telecom networks (4G/5G), and wind and solar renewable energy projects. The company executes turnkey EPC contracts and also offers standalone custom tower fabrication, design and engineering services using PLS-CADD/STAAD Pro/AutoCAD, and hot-dip galvanizing services meeting IS 2629 and IS 4759 standards from two Gujarat-based facilities with combined 108,000 MTPA capacity.
Product overview
APS provides integrated EPC (Engineering, Procurement, and Construction) solutions across power transmission, telecom infrastructure, wind energy, and solar energy sectors. The company operates two strategically located manufacturing facilities in Gujarat with combined annual capacity of 108,000 metric tonnes, offering turnkey solutions from tower manufacturing through galvanizing to full project execution. Their core product lines include Power Transmission & Distribution (handling high-voltage lines up to 1200kV, substations, and renewable evacuation), Telecom Infrastructure (4G/5G towers and small-cell solutions), Wind Energy (lattice towers and EPC services), and Solar Energy (mounting structures and installation). Supporting services include custom manufacturing/job works, advanced design and engineering using PLS-CADD, STAAD Pro, and AutoCAD, and professional galvanizing services meeting IS 2629 & IS 4759 standards. The company exports to 16+ countries across Asia, Africa, and Europe.
Differentiator
Problem solved
Functional benefit
Products and services
- Power Transmission & Distribution High-voltage power transmission and distribution solutions including transmission lines up to 1200kV, substations, cabling, and renewable energy evacuation infrastructure, delivered to power utilities, government entities, and grid operators as turnkey EPC projects.
- Telecom Infrastructure Telecommunications infrastructure including 4G/5G-ready towers, rooftop installations, and small-cell solutions for telecom operators and tower companies deploying network expansion.
- Wind Energy Solutions Lattice towers and turnkey EPC solutions specifically designed for wind energy projects, supporting wind turbine installations and wind farm infrastructure for renewable energy developers.
- Solar Energy Solutions Solar mounting structures and EPC solutions for solar energy projects, providing structural support and installation services for photovoltaic installations for solar developers.
- Manufacturing (Job Works) Custom fabrication of lattice towers and steel structures for external clients, delivered from manufacturing facilities in Gujarat, India with precision and reliability.
- Design & Engineering Services Advanced tower and structure designs using PLS-CADD, STAAD Pro, and AutoCAD, optimized for cost, safety, and compliance with global standards, offered as a standalone service to external clients.
- Galvanizing Services Hot-dip galvanizing services ensuring corrosion resistance and compliance with IS 2629 and IS 4759 standards for tower and structure protection, offered as a standalone service to external customers.
Quantifiable outcome
- 10,461+ circuit kilometers of transmission line projects executed
- +2 more outcomes
Companies that use Associated Power Structures
Customer profileNamed customers4 records
Segments4 records
Ideal customer profiles4 records
Associated Power Structures technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Associated Power Structures partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Waaree Renewable Technologies (WRTL)coreWaaree Renewable Technologies Limited, a subsidiary of Waaree Energies Limited, acquired a 55% stake in Associated Power Structures for Rs 1,225 crore, making APS its subsidiary. The acquisition integrates APS's transmission infrastructure capabilities with WRTL's renewable energy and EPC operations as part of Waaree Group's Waaree 2.0 strategy to build an integrated clean energy platform.
Scale indicators9 records
Recent moves6 records
Expansion highlights6 records
Associated Power Structures competitors and assessment
Company assessmentDirect peers
- Skipper Limited: Indian manufacturer of transmission towers, telecom towers, and poles with EPC execution capability. Closest direct peer to APS — comparable product portfolio (lattice towers for power T&D), Indian manufacturing footprint, and similar customer mix of power utilities and developers.
- Jyoti Structures: Indian manufacturer and EPC contractor specializing in transmission line towers and EHV substations. Directly comparable product offering and customer base to APS in the Indian power T&D value chain.
- Kalpataru Projects International: Indian diversified EPC player with a large T&D business executing turnkey transmission line and substation projects. Comparable in project scope and end customers (utilities, developers), though broader across oil & gas and buildings.
- Man Industries (India): Indian manufacturer of large-diameter pipes and tower structures serving power transmission and infrastructure customers. Comparable in steel-intensive fabrication for transmission applications and serves overlapping utility customers.
- Transrail Lighting: Indian T&D EPC contractor and manufacturer of transmission towers, monopoles, and lighting structures. Closely mirrors APS's combination of tower manufacturing plus turnkey overhead line execution for power utilities and developers.
- KEC International: India's largest T&D EPC company and tower manufacturer, part of the RPG Group. Directly competes in overhead transmission line EPC and tower supply globally, with a much larger scale but highly comparable product-customer offering to APS.
Broad incumbents
- Sterlite Power: Indian T&D infrastructure developer and EPC player focused on transmission line build-own-operate and EPC projects. Overlaps with APS on transmission line construction but operates a developer-led business model with much larger capital deployment.
- Adani Energy Solutions: Adani Group's listed T&D and smart-metering platform with large transmission line and substation assets. Competes in the same end-market and customer set as APS but at substantially greater scale and as a developer-operator rather than pure EPC manufacturer.
- Tata Projects: Large diversified Indian EPC contractor (Tata Group) with significant T&D and substation execution capability. Competes with APS on large utility tenders but operates at substantially greater scale and across wider infrastructure verticals.
- Bharat Heavy Electricals Limited (BHEL): India's largest power equipment OEM and EPC contractor with capabilities spanning generation, transmission, and renewables. Overlaps with APS on power transmission EPC but operates as a much larger, diversified public-sector incumbent.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
Associated Power Structures social profiles
Digital presenceAssociated Power Structures compliance and trust
Trust signalCompliance3 records
Associated Power Structures financial estimates
Financial estimateRevenue estimate
Valuation estimate
Associated Power Structures leadership team
Management profileNumber of profiles
Profiles1 record
Associated Power Structures subsidiaries and ownership
Company hierarchySubsidiaries2 records
Associated Power Structures funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Associated Power Structures M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Associated Power Structures
What does Associated Power Structures do?
Associated Power Structures designs, manufactures, galvanizes, and erects galvanized lattice towers and steel structures for high-voltage power transmission lines (up to 1200kV), substations, telecom networks (4G/5G), and wind and solar renewable energy projects. The company executes turnkey EPC contracts and also offers standalone custom tower fabrication, design and engineering services using PLS-CADD/STAAD Pro/AutoCAD, and hot-dip galvanizing services meeting IS 2629 and IS 4759 standards from two Gujarat-based facilities with combined 108,000 MTPA capacity.
Is Associated Power Structures a public or private company?
Associated Power Structures is a private company. It is classified as corporate owned and is currently operating.
When was Associated Power Structures founded?
Associated Power Structures was founded in 1996. It employs 501 to 1,000 people.
Where is Associated Power Structures based?
Associated Power Structures is headquartered in Vadodara, India, in the Asia region.
How does Associated Power Structures make money?
Three revenue lines are on record. EPC Project Execution is the primary driver. The others are tower Manufacturing & Supply and galvanizing Services.
Who are Associated Power Structures's main competitors?
Direct peers on record are Skipper Limited, Jyoti Structures, Kalpataru Projects International, Man Industries (India), Transrail Lighting and KEC International. Broad incumbents are Sterlite Power, Adani Energy Solutions, Tata Projects and Bharat Heavy Electricals Limited (BHEL).
Does Associated Power Structures have an API?
No public API is recorded for Associated Power Structures.
What industry is Associated Power Structures in?
Associated Power Structures's product category is Power Transmission Tower Manufacturing. Its primary akta.pro industry code is EUADAKAA, Transmission line EPC & construction (overhead), with a secondary code of EUADADAF, Poles, Towers & Structures (wood/steel/concrete poles, lattice towers, monopoles, crossarms). Its NAICS code is 237130 and its SIC code is 1623.