Amid US Tariff Evasion Probe Noise, Waaree Energies Breaks Silence With Compliance Statement
Indian solar giant Waaree Energies issued a clarification after reports of a US investigation into alleged tariff evasion. The company stressed its compliance record and growing US presence, even as its shares fell over 7% in Friday’s trade. The probe was triggered by domestic US solar industry concerns, Reuters reported.
- Republic Business
- 2 min read
Waaree Energies on Friday addressed investor concerns after reports of a US investigation into alleged tariff evasion. The company said it has consistently complied with regulations in all its markets and remains committed to supporting America’s clean energy goals through expanded manufacturing.
In an official statement, Waaree said: “Our subsidiary Waaree Solar Americas has operational 1.6GW of module manufacturing facility in Texas, which is being expanded to 3.2GW. Recently, our US subsidiary has also acquired assets of Meyer Burger, US to further expand manufacturing in US. We are working in a steadfast manner on our commitment to building manufacturing footprint in the US.”
The company added it had co-operated with US authorities in the past and would continue to do so.
“Waaree have in the past co-operated with the US investigations and will continue to co-operate in ongoing investigations. We are a responsible corporate citizen in every country we operate in and we abide by all applicable local laws and regulations,” it said.
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Waaree Energies Share Price Today
Despite the clarification, Waaree Energies’ stock saw sharp selling pressure. The shares opened at Rs3,309.65, dropped to a low of Rs 3,182.40, and were trading at Rs 3,196.00, down 7.26% (-250.25) at 1:35 pm on Friday. The decline came ahead of the company’s statement, reflecting investor caution around the probe.
Why Waaree Energies Faces a US Investigation?
According to a Reuters report, the probe follows concerns raised by the American Alliance for Solar Manufacturing Trade Committee, which represents US-based solar firms. The US Customs and Border Protection (CBP) stated there was “reasonable suspicion” that some Waaree imports were not properly labeled to reflect antidumping and countervailing duties long imposed on Chinese and other Asian solar products.
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As part of the ongoing investigation, CBP has required Waaree to place cash deposits against its imports.
Rising US Imports From India
The investigation comes at a time when US imports of Indian solar panels have surged, particularly after tariffs were imposed on four Southeast Asian nations that previously supplied much of the American market. Waaree, one of India’s largest solar manufacturers, has been a key beneficiary of this shift.