Waaree Energies Subsidiary Searched by DRI; Company Paid ₹2.34 Crore ADD
Waaree Energies' subsidiary, Sangam Solar One Private Limited, was searched by the DRI. The search concerned imported stainless-steel pipes and tubes and Anti-Dumping Duty (ADD). The company has paid the full ADD of ₹2.34 crore plus interest, with no further financial or operational impact.
The company explicitly states that the issue has been resolved with the payment of ₹2.34 crore plus interest, and there is no further financial, operational, or other impact on the company. Therefore, the impact is considered low.
The announcement details a search by the DRI, which could be perceived negatively. However, the company clarifies that the matter is resolved with the payment of the required duty and interest, and there is no further impact on financials or operations, making the overall sentiment neutral.
Waaree Energies Limited has disclosed that the Directorate of Revenue Intelligence (DRI) conducted a search at the manufacturing plant of its wholly owned subsidiary, Sangam Solar One Private Limited, located in Navsari, Gujarat. The search proceedings commenced on August 27, 2026, and concluded at 6:40 PM IST.
The DRI's action was related to the classification of certain stainless-steel pipes and tubes imported under the EPCG Scheme and the subsequent applicability of Anti-Dumping Duty (ADD).
The company stated that it has already deposited the ADD amount of ₹2,33,82,930/- along with applicable interest. Waaree Energies confirmed that there is no further payment required and that this action has no impact on the company's financials, operations, or other activities, other than the amount already paid.
A plain-language summary of a public exchange filing by Waaree Energies Limited. Read the original for the full detail.