Waaree Energies Faces Tax Inspection Amid Major Solar Module Order
28 Feb 2025
2 Min Read
CW Team
Shares of Waaree Energies are set to be in focus after the company disclosed a tax inspection initiated by Mumbai鈥檚 Assistant Commissioner of State Tax.
In an exchange filing, Waaree Energies stated that officials conducted a search at its registered office and that of its subsidiary, Waaree Renewable Technologies.
鈥淭his is to inform you that, on February 25, 2025, the Assistant Commissioner of State Tax, Mumbai, initiated a search/inspection at the registered office of the Company and its subsidiary Waaree Renewable Technologies Limited. The search commenced at 3.45 pm and concluded at 8.00 pm, to be continued on the next day,鈥� the company said.
The company has not disclosed the reason behind the inspection. It confirmed that authorities have sought operational details, and it is in the process of submitting the requested information.
鈥淭he search is ongoing, and the authorities have not issued any official document in this regard. The proceedings are ongoing, and the company is fully cooperating in providing the data as requested,鈥� the company added.
Waaree Energies assured investors that its regular business activities remain unaffected, though the financial impact, if any, is yet to be determined.
Secures 410 MWp Solar Module Order
Amid the tax inspection, Waaree Energies announced a significant order from ABREL EPC, a subsidiary of Aditya Birla Renewables, for the supply of 410 MWp solar PV modules.
鈥淭he company has received an order for the supply of solar modules for 410 MWp from ABREL EPC Limited (a wholly owned subsidiary of Aditya Birla Renewables Limited), engaged in the business of owning, developing, and operating renewable power projects in India,鈥� Waaree stated.
The supply of these modules will commence in FY 2025-26.
Shares of Waaree Energies are set to be in focus after the company disclosed a tax inspection initiated by Mumbai鈥檚 Assistant Commissioner of State Tax.
In an exchange filing, Waaree Energies stated that officials conducted a search at its registered office and that of its subsidiary, Waaree Renewable Technologies.
鈥淭his is to inform you that, on February 25, 2025, the Assistant Commissioner of State Tax, Mumbai, initiated a search/inspection at the registered office of the Company and its subsidiary Waaree Renewable Technologies Limited. The search commenced at 3.45 pm and concluded at 8.00 pm, to be continued on the next day,鈥� the company said.
The company has not disclosed the reason behind the inspection. It confirmed that authorities have sought operational details, and it is in the process of submitting the requested information.
鈥淭he search is ongoing, and the authorities have not issued any official document in this regard. The proceedings are ongoing, and the company is fully cooperating in providing the data as requested,鈥� the company added.
Waaree Energies assured investors that its regular business activities remain unaffected, though the financial impact, if any, is yet to be determined.
Secures 410 MWp Solar Module Order
Amid the tax inspection, Waaree Energies announced a significant order from ABREL EPC, a subsidiary of Aditya Birla Renewables, for the supply of 410 MWp solar PV modules.
鈥淭he company has received an order for the supply of solar modules for 410 MWp from ABREL EPC Limited (a wholly owned subsidiary of Aditya Birla Renewables Limited), engaged in the business of owning, developing, and operating renewable power projects in India,鈥� Waaree stated.
The supply of these modules will commence in FY 2025-26.
Next Story
HCL-Foxconn to invest Rs 37 billion in chip plant near Jewar airport
The Union Cabinet has approved the establishment of a new semiconductor unit near Jewar airport in Uttar Pradesh under the India Semiconductor Mission. This sixth plant, a joint venture between HCL and Foxconn, marks further progress in India鈥檚 semiconductor journey. The project will see an investment of Rs 37 billion.The facility will produce display driver chips for mobile phones, laptops, automobiles, PCs, and other digital devices. It is designed for a monthly capacity of 20,000 wafers and an output of 36 million units.Five semiconductor units are already in advanced stages of constructi..
Next Story
Brigade acquires Velachery land for Rs 16-billion project
Brigade Enterprises has acquired a 5.41-acre land parcel on Velachery Road, Chennai, through an outright purchase for Rs 4.417 billion. Located next to Phoenix Market City, the site will be developed into a premium residential project with a gross development value of approximately Rs 16 billion and a development potential of 0.8 million square feet.The project offers strategic access to both the OMR IT Corridor and Chennai鈥檚 Central Business District, promising strong connectivity and premium lifestyle offerings. Brigade plans to create signature residences focused on aesthetics, functional..
Next Story
Liebherr marks 10,000th XPower wheel loader milestone
Liebherr-Werk Bischofshofen has rolled out its 10,000th XPower wheel loader, marking a major production milestone. The anniversary L 580 XPower model, featuring a power-split travel drive developed with ZF Friedrichshafen AG, was handed over to the BERGER Group in Passau.鈥淭he transmission from our partner ZF is a key component of the drivetrain in our XPower wheel loaders,鈥� said Gerhard Pirnbacher, Head of Quality Management at Liebherr. 鈥淲ith an impressive total of around 64 million operating hours already clocked up by XPower models, this transmission has proven its exceptional robustn..
