Indian solar manufacturer Waaree Energies on Friday clarified its position following a US investigation into alleged tariff evasion.
As per media reports, US Customs and Border Protection ( CBP) is probing whether Waaree mislabeled Chinese-made solar cells and panels as originating in India to sidestep US duties.
In a statement, Waaree said the United States is a key part of its manufacturing expansion. “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 said.
Waaree said that it remains committed to compliance like they have in the past. “We 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.”
Waaree Energies' shares were trading at Rs 3213.35 apiece on the BSE, down 6.76% as of 12.50 PM on Friday.
Also Read: US probes Waaree Energies for possible evasion of solar tariffs
Why is Waaree Energies under scrutiny?
The probe follows concerns raised by the American Alliance for Solar Manufacturing Trade Committee, which represents domestic solar companies, as per a Reuters report.
CBP said there was reasonable suspicion that some of Waaree’s imported products were not labeled to reflect antidumping and countervailing duties that the U.S. has long imposed on Chinese and certain other Asian solar products.
As part of the investigation, CBP is requiring the company to place cash deposits while the inquiry is ongoing.
U.S. imports of Indian solar panels have surged over the last two years, particularly after tariffs were imposed on four Southeast Asian nations that had previously supplied most of the U.S. market.
The Alliance, which includes Qcells and First Solar, said the probe confirms concerns about pricing advantages from unpaid duties. “Indian solar products have been among the lowest prices in the market, and now we know why that's possible: by using Chinese cells and not paying the duties that apply to them,” said Tim Brightbill, the group’s attorney.
As per media reports, US Customs and Border Protection ( CBP) is probing whether Waaree mislabeled Chinese-made solar cells and panels as originating in India to sidestep US duties.
In a statement, Waaree said the United States is a key part of its manufacturing expansion. “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 said.
Waaree said that it remains committed to compliance like they have in the past. “We 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.”
Waaree Energies' shares were trading at Rs 3213.35 apiece on the BSE, down 6.76% as of 12.50 PM on Friday.
Also Read: US probes Waaree Energies for possible evasion of solar tariffs
Why is Waaree Energies under scrutiny?
The probe follows concerns raised by the American Alliance for Solar Manufacturing Trade Committee, which represents domestic solar companies, as per a Reuters report.
CBP said there was reasonable suspicion that some of Waaree’s imported products were not labeled to reflect antidumping and countervailing duties that the U.S. has long imposed on Chinese and certain other Asian solar products.
As part of the investigation, CBP is requiring the company to place cash deposits while the inquiry is ongoing.
U.S. imports of Indian solar panels have surged over the last two years, particularly after tariffs were imposed on four Southeast Asian nations that had previously supplied most of the U.S. market.
The Alliance, which includes Qcells and First Solar, said the probe confirms concerns about pricing advantages from unpaid duties. “Indian solar products have been among the lowest prices in the market, and now we know why that's possible: by using Chinese cells and not paying the duties that apply to them,” said Tim Brightbill, the group’s attorney.
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