February 17 (Renewables Now) - Indian solar energy solutions provider Vikram Solar Ltd has decided to lay off 320 employees at one of its two manufacturing facilities in West Bengal just ten days after announcing a new CEO appointment.
"The domestic solar manufacturing industry has long been advocating for a level playing field. However, a slowing economy, inconsistent policy implementations, unfavorable trade policies, and liquidity crises have impacted the sector severely in the past few months. Moreover, recent global events have also impacted supply chains," the company says in a media statement.
The second facility continues to operate normally as the company undergoes through organisational changes.
On February 5, the company named industry veteran Saibaba Vutukuri as the new CEO, saying that his arrival marks "the next phase of growth at Vikram Solar."