Borosil Renewables Limited has announced a strategic realignment of its business, placing renewed emphasis on India’s burgeoning solar sector. The move comes in the wake of its German subsidiary, Glasmanufaktur Brandenburg GmbH (GMB), filing for insolvency before the Cottbus court under Germany’s Insolvency Code (InsO).
The company cited adverse market conditions in Europe, particularly a steep decline in demand caused by an influx of low-priced Chinese solar modules, as the primary trigger. As European manufacturers, including major players like Meyer Burger, began exiting the space, demand for solar glass collapsed. Despite providing financial and operational support totaling €27 million, Borosil was incurring losses of approximately €0.9 million monthly through GMB.
Effective July 4, 2025, a court-appointed administrator will oversee GMB’s operations. Borosil will no longer report GMB’s financial losses, which had reached INR 9 crore monthly. As of March 31, 2025, its exposure to the German operations stood at €35.3 million.
Chairman P.K. Kheruka affirmed the company’s renewed commitment to India, stating, “This decision reflects our confidence in India’s solar manufacturing story, where policy support and demand are both robust.”
India’s solar module capacity has already crossed 90 GW and is on track to hit 150 GW by 2027. To meet this demand, Borosil has committed to expanding its domestic manufacturing capacity by 60%—adding 600 tonnes per day (TPD) with two new furnaces and an investment of INR 950 crore.
With the backing of policy measures like anti-dumping duties imposed on imports from China and Vietnam, solar glass prices have surged 28% year-on-year. Borosil plans to leverage these tailwinds to scale operations and continue its leadership in clean energy materials innovation.
Discover more from SolarQuarter
Subscribe to get the latest posts sent to your email.
