Indian solar energy solutions provider Vikram Solar Ltd has decided to shut down production and lay off 320 employees at one of its two manufacturing facilities in West Bengal just ten days after announcing a new CEO appointment.
In a media statement, the solar module manufacturer has cited the economic downturn and pressure from “recent global events” on the supply chain as the reason for the shut-down.
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.”
