Waaree Energies Under Income Tax Investigation

New Delhi, Nov 19 (PTI) Income Tax officials have conducted investigations at offices and facilities of Waaree Energies, a company statement said.

The Gujarat-based company is also facing investigations in the US for alleged evasion of duty on solar imports.

In a filing to exchanges on Tuesday, the company said it is extending full co-operation to the IT officials.

"...certain officials of the Income Tax (IT) Department visited some of the company's offices and its facilities in India for conducting investigation under the Income Tax Act, 1961," Waaree Energies said.


The proceedings are underway and full co-operation is being extended to the officials, it said.

In September, Waaree Energies said it will continue to cooperate with the US government in ongoing investigations against the company for alleged evasion of duty on solar imports.

The company's subsidiary -- Waaree Solar Americas -- has an operational 1.6 GW module manufacturing facility in Texas, which is being expanded to 3.2 GW.

Shares of Waaree Energies Ltd were trading 4.09 per cent lower at Rs 3,148.80 apiece on the BSE on Wednesday, while that of its two flagship firms -- Waaree Technologies and Waaree Renewable Technologies -- declined 1.25 per cent and 1.97 per cent, respectively.