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Waaree Energies is under investigation by Income Tax authorities in India while also facing scrutiny in the US over alleged solar import duty evasion. The Gujarat-based solar company has assured full cooperation with the ongoing Indian investigation. Its US subsidiary, Waaree Solar Americas, operates a 1.6 GW module manufacturing plant in Texas, which is being expanded to 3.2 GW. The developments have impacted market sentiment, with Waaree Energies shares dropping over 4 per cent on the BSE, while its other key units also saw moderate declines in share prices.
Income Tax officials have recently visited offices and facilities of Waaree Energies in India as part of an ongoing investigation, according to a company statement. The Gujarat-based solar firm is also under scrutiny in the United States over allegations of evading duties on solar imports. Advertisement
In a filing to stock exchanges earlier this week, Waaree Energies stated that it is fully cooperating with the Income Tax authorities. The company noted that officials visited several of its offices and facilities to carry out the investigation under the Income Tax Act, 1961. The proceedings are still ongoing, and the company reiterated its commitment to providing full support to the officials.
Waaree Energies had earlier mentioned in September that it would continue to cooperate with US authorities regarding investigations into its alleged duty evasion. Its subsidiary, Waaree Solar Americas, operates a 1.6 GW module manufacturing facility in Texas, which is currently being expanded to 3.2 GW to meet growing production demands.
Following these developments, shares of Waaree Energies Ltd fell 4.09 per cent to INR 3,148.80 on the BSE. Shares of its flagship companies, Waaree Technologies and Waaree Renewable Technologies, also declined by 1.25 per cent and 1.97 per cent, respectively.
Source PTI
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