US trade action deals blow to Indian solar makers

NEW DELHI, Feb 25 (Reuters): India's plans to strengthen its position in the US solar market face a setback after Washington moved to impose steep countervailing duties on solar cells and panels shipped from some Asian hubs, analysts and industry representatives said.

The US Commerce Department on Tuesday determined that manufacturers operating in India, Indonesia and Laos benefited from wide-ranging state support that skewed competition in the world's most attractive clean energy markets. Indian exporters to the US face duties of 126 per cent just as New Delhi courts investment from solar companies and positions itself as an alternative to China. Shares of India's top solar panel maker, Waaree Energies, tanked 10 per cent, while Premier Energies and Vikram Solar fell 5 per cent and 4 per cent on Wednesday.