Borosil Renewables Limited has restructured its business strategy, concentrating on the Indian solar market after its German subsidiary, GMB Glasmanufaktur Brandenburg GmbH, filed for insolvency. This filing occurred under the German Insolvency Code in Cottbus, prompted by a decline in Europe’s solar manufacturing sector.
GMB, which had a production capacity of 350 tonnes of solar glass per day, supplied multiple European solar module manufacturers. However, demand in the European market plummeted over the past year due to an influx of low-priced solar module imports from China. This situation forced several major European manufacturers, including Meyer Burger, to shut down, leading to a corresponding drop in demand for solar glass.
Borosil attempted to keep GMB operational through operational adjustments and financial support totaling €27 million, hoping for favorable EU policy interventions. However, without clear policy action, the company faced monthly losses of €0.9 million, making continued support unfeasible. As of July 4, 2025, management of GMB will transition to a court-appointed administrator, and Borosil will no longer report GMB’s losses, which amounted to approximately INR 9 crore per month.
As of March 31, 2025, Borosil’s financial exposure to GMB and its step-down subsidiary was €35.30 million. This strategic pivot allows Borosil to allocate resources more effectively toward its operations in India, where demand for solar glass is on the rise.
The Indian solar market has been bolstered by strong policy support, including anti-dumping duties on imports from China and Vietnam. This has improved pricing conditions for domestic manufacturers. Consequently, Borosil has observed a 28% increase in average ex-factory prices for solar glass year-on-year in the fourth quarter of FY25.
Mr. P.K Kheruka, Chairman of Borosil Renewables Limited, emphasized the company’s commitment to innovation and growth in India. He remarked, “This decision reflects our clear view of where the future lies and the confidence we have in India’s solar manufacturing story.”
To meet the rising demand, Borosil announced plans in May 2025 to boost its solar glass manufacturing capacity by 600 tonnes per day through the addition of two new furnaces, which will increase its total capacity by 60% from the current 1,000 tonnes per day. The company is investing approximately INR 950 crore into this expansion.
With India’s solar module manufacturing capacity currently exceeding 90 GW and projected to reach 150 GW by March 2027, Borosil is strategically positioned to support this growth. The company remains focused on advancing solar glass technology and contributing to India’s renewable energy objectives while delivering sustainable growth for its stakeholders.
