On December 18, 2024, the Board of Directors of Borosil Renewables Limited convened to discuss key developments and approve strategic decisions. Firstly, they addressed challenges at their subsidiary, GMB Glasmanufaktur Brandenburg GmbH in Germany, which manufactures solar glass. Due to declining demand caused by the large-scale dumping of solar modules from Southeast Asia and the lack of EU import restrictions, GMB faces losses. The Board decided to temporarily cool down its furnace at year-end while maintaining limited operations to fulfill pending orders, with plans to resume production when demand improves.
Secondly, the Board approved the revival of a scaled-down expansion plan in India. After the imposition of basic import duties and provisional anti-dumping duties on solar glass imports, the company decided to expand capacity by 500 TPD at an estimated cost of ₹675 crore. This will be implemented either through two 250 TPD furnaces or a single 500 TPD furnace, expected to be operational by late 2026. This adjustment reflects cautious optimism about market conditions.
Additionally, the proposed rights issue of ₹450 crore was withdrawn in favor of raising funds via preferential issues. These include issuing 1.13 crore convertible warrants worth ₹599.99 crore to non-promoter investors and 18.86 lakh equity shares worth ₹100 crore to promoters. Both initiatives aim to strengthen the company’s financial position.
Finally, the Board approved changes to the Articles of Association to facilitate the issuance of convertible securities and scheduled an Extraordinary General Meeting on January 9, 2025, to seek shareholder approval for these proposals. These measures highlight Borosil Renewables’ adaptive strategies amid market challenges.
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