Tata Solar CEO quits as Indian market struggles over price
The chief executive officer of Tata BP Solar Ltd, India’s third-largest panel maker, has resigned as the industry struggles to cope with oversupply from Chinese competitors that have crushed prices.
K. Subramanya said in an e-mail that tomorrow will be his last day at the head of the solar company and that he hasn’t decided yet what he will do next. He didn’t provide a reason for his resignation, according to Bloomberg.
Indian panel makers such as Tata BP, Indosolar Ltd. (ISLR) and Moser Baer India Ltd. (MBI) are struggling along with counterparts in the US and Europe after lower-cost Chinese manufacturers boosted supply. Germany and Italy, the two biggest markets for the technology, have scaled back subsidies for renewable energy.
Indian manufacturers received almost no orders for the more than 700-MW of sun-powered capacity under construction in the nation last year and have idled their factories, Subramanya said in an interview in December.