Officials from the Directorate of Revenue Intelligence (DRI) conducted a search operation at a manufacturing facility owned by Sangam Solar One Pvt Ltd, a wholly-owned subsidiary of Waaree Energies Ltd.
According to an exchange filing by the company, the search proceedings took place on Thursday and concluded at 6:40 pm. The operation at the plant, situated at village Unn in Navsari, Gujarat, was related to the classification of certain stainless-steel pipes and tubes imported under the Export Promotion Capital Goods (EPCG) Scheme.
The inquiry specifically focused on the consequent applicability of Anti-Dumping Duty (ADD) on the imported materials. The company stated that it has already deposited the Anti-Dumping Duty amount of ₹2,33,82,930, along with the applicable interest.
In a separate regulatory filing, Waaree Energies announced a major business development involving another of its subsidiaries. The company has secured an order from the state-owned Solar Energy Corporation of India (SECI) for the development of a renewable energy power project in Maharashtra.
The contract is for a 700 MW solar project paired with a 700 MW/2,800 MW energy storage solution (ESS) to be established at Solapur. This order has been secured through Waaree Forever Energies Pvt Ltd (WFEPL), a wholly-owned subsidiary of Waaree Energies.
"Regulatory compliance regarding import duties and classification is a critical operational aspect for manufacturing and renewable energy companies operating in India. While tax and duty inquiries require careful navigation and prompt resolution, securing large-scale public sector contracts, such as the SECI order in Maharashtra, demonstrates robust underlying business momentum. Companies must balance aggressive project execution with meticulous adherence to trade and customs regulations." — Dr. Shishir Gupta, Founder & CEO, StartupLanes
