Borosil Renewables Restructures Business Strategy, Putting India’s Solar Future In The Spotlight

Borosil Renewables Limited has announced that its German subsidiary, GMB Glasmanufaktur Brandenburg GmbH, has filed for insolvency under the German Insolvency Code (InsO) before the court at Cottbus. This decision comes after a prolonged period of market decline within Europe’s solar manufacturing sector and reflects Borosil’s strategic decision to shift focus towards the high-growth Indian solar market. GMB had a production capacity of 350 tonnes per day and supplied solar glass to several European solar module manufacturers.

However, the European market saw a steep drop in demand over the past year due to a surge in underpriced Chinese solar module imports. This influx led to the shutdown of several European solar module manufacturers, including prominent players like Meyer Burger, which in turn caused a significant fall in demand for solar glass. Despite these challenges, Borosil attempted to sustain GMB’s operations with operational changes and financial support amounting to €27 million, based on expectations of EU and national policy support. However, with no clear policy intervention, Borosil was left absorbing monthly losses of €0.9 million, making continued support financially unsustainable.

Effective July 4, 2025, the date of the insolvency filing, GMB’s operations will be managed by a court-appointed administrator in Germany. Borosil will no longer include GMB’s losses, which were around INR 9 crore per month, in its financials. The company will review and reflect any financial impact of the insolvency process in its upcoming quarterly results. As of March 31, 2025, Borosil’s exposure to the German subsidiary and its step-down subsidiary stood at €35.30 million.

This move allows Borosil Renewables to reallocate resources and sharpen its focus on its core operations in India, where demand for solar glass is rapidly increasing. The Indian solar market is benefiting from strong policy support, including the imposition of anti-dumping duties on imports from China and Vietnam, which has helped improve pricing for domestic manufacturers. As a result, the company is witnessing a significant improvement in the solar glass pricing environment, with average ex-factory prices rising 28% year-on-year in Q4 FY25.

Mr. P.K Kheruka, Chairman, Borosil Renewables Limited, stated, “Borosil has always stood for innovation, resilience, and responsible growth. Over the years, we have contributed meaningfully to the solar glass ecosystem across markets. This decision reflects our clear-eyed view of where the future lies and the confidence we have in India’s solar manufacturing story. With this step, we deepen our commitment to building scale and excellence in India, where the potential is vast, the policies are enabling, and the momentum is real. It is a forward-looking decision made with the long-term in mind.”

To meet growing demand, Borosil announced in May 2025 its plan to expand its solar glass manufacturing capacity by 600 tonnes per day through the construction of two new furnaces, representing a 60% increase over its current 1,000 TPD capacity. The company is investing approximately INR 950 crore into this expansion. With India’s solar module manufacturing capacity already exceeding 90 GW and projected to reach 150 GW by March 2027, Borosil is well-positioned to support the country’s solar growth. Borosil Renewables remains focused on advancing solar glass technology, contributing to India’s renewable energy goals, and delivering long-term value to its stakeholders through sustainable business growth.