Waaree Energies Admits Solar Import Reporting Errors In US Trade Probe: Report
Waaree Energies acknowledged incorrectly reporting certain solar imports from Vietnam and Malaysia as Indian shipments in a US trade investigation. Despite revised data, the USITC found India's import share exceeded the 3% threshold. Separately, US customs upheld a duty evasion finding, while Waaree is considering judicial review of the decision
Waaree Energies has acknowledged errors in reporting the country of origin of certain solar imports into the US, according to a report by Moneycontrol.
In its response to the US International Trade Commission (USITC), the company said it had inadvertently classified shipments from Vietnam and Malaysia as imports from India between 2021 and 2026.
The disclosure emerged during an investigation into solar cells and modules imported from India, Indonesia and Laos.
Waaree and Mundra Solar argued that correcting the import data would reduce India's share of US solar imports below the 3% threshold used to determine whether imports are negligible.
However, the USITC concluded that India's share remained above that level after examining revised customs records.
On Oct 14, the commission determined that imports of crystalline silicon photovoltaic cells and modules from India, Indonesia and Laos had materially injured the US solar manufacturing industry.
Separately, US Customs and Border Protection (CBP) investigated Waaree over suspected evasion of import duties through incorrect origin declarations.
CBP issued an adverse determination on June 23 and upheld it in a final administrative decision on Oct 29.
Waaree disclosed the ruling to stock exchanges on Nov 2, describing the affected shipments as a limited portion of historical imports.
The company said it was considering judicial review before the US Court of International Trade.
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The continuing US trade proceedings have prompted Waaree to remove more than 3 gigawatts (GW) of export contracts from its active order book.
As of Sept 30, the company's reported order book stood at approximately ₹59,200 crore, representing 25.6 GW of capacity.
Domestic Indian orders accounted for 48.4%, while its US manufacturing operations in Texas represented 43.8%.
Direct exports from India contributed the remaining 7.8%, down from 24% in the preceding quarter.
The revised figures highlight the impact of US trade restrictions on Waaree's export exposure.
The company's potential legal challenge to the customs ruling remains under consideration.
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