Massive IT Raid at Waaree Energies: 25 Teams Sweep Chikhli, Vapi and Mumbai in High-Intensity Operation

Navsari | Gujarat — In one of the largest enforcement actions seen in Gujarat’s renewable energy sector, the Income Tax Department on Tuesday launched a sweeping search and seizure operation against Waaree Energies Limited, the country’s leading solar panel manufacturer. The operation, carried out by nearly 25 teams from Mumbai, Chikhli, and Vapi, began early Tuesday morning at the company’s massive 5.4 GW solar cell gigafactory in Chikhli, Navsari district.

The raid sent shockwaves across the clean energy sector, particularly because Waaree Energies is widely regarded as a flagship company in India’s renewable energy mission. A senior industry observer said, “Such a large-scale operation at a company of Waaree’s stature is unprecedented. It shows the seriousness of the probe and the magnitude of information the department is looking for.”

Searches Extend to Promoters’ Residences

According to sources, IT officials simultaneously searched the residences of Waaree Energies’ chairman and managing director Hitesh Doshi in Mumbai and his brother Kirit Doshi in Vapi. Both brothers are key figures behind Waaree’s exponential rise—from a small industrial gauge manufacturer in 1990 to India’s largest solar panel producer by capacity.

An official familiar with the developments stated, “The focus is on financial records, transactions, and any irregularities linked to operations and expansion activities. The teams are scanning through digital records, documents, and asset details.”

The department has not yet released an official statement, but teams are expected to continue operations late into the night.

A Company at the Heart of India’s Green Growth

In March 2025, Waaree Energies inaugurated its state-of-the-art 5.4 GW solar cell gigafactory in Chikhli—hailed as a milestone for India’s clean energy transition. Built on advanced technology, the plant supports the nation’s decarbonisation goals and boosts domestic manufacturing under Atmanirbhar Bharat.

Beyond its industrial impact, the facility has generated over 9,500 direct and 30,000 indirect jobs, becoming a major driver of economic growth in south Gujarat.

Waaree has also positioned itself as a strong player in the global renewable market and is a key contributor to India’s goal of achieving 500 GW of renewable energy capacity by 2030.

Just weeks before the raid, Waaree Energies had announced a Rs.1000-crore CSR fund dedicated to supporting the education of underprivileged children, health etc in Gujarat. The company is also the main sponsor of the ongoing Updhan Tap, a major Jain event drawing thousands of followers from across India to Vapi.

A social worker attending the event said, “Waaree has been deeply involved in community welfare. This raid comes at a time when their public activities are at a peak, which has surprised many.”

Market and Sector Reaction

Waaree Energies, which debuted on the Indian stock exchanges in October 2024 with a 70% premium over its IPO price, has five solar module manufacturing plants across India. The company’s rapid expansion and strong market position have made it a symbol of India’s renewable energy future.

With the IT department’s investigation now underway, the sector is watching closely. The outcome may have far-reaching implications for both corporate governance and India’s clean energy ambitions.