Mumbai, Aug. 5 -- Indian solar panel makers are eyeing the European Union (EU) as the next big export market, as the bloc steps up its decarbonisation push and moves to cut reliance on China.

However, much of the opportunity hinges on New Delhi and Brussels signing their much-anticipated free trade agreement (FTA), industry executives said.

So far, Indian solar panel makers have been largely priced out of European and other key export markets by Chinese companies that sell at significantly lower prices. Indian solar panel makers such as Adani New Industries Ltd and Waaree Energies Ltd have focused on exports to the US, where restrictions on Chinese products have made Indian modules more competitive.

That could soon change, as Europe lo...