Borosil Renewables Limited has realigned its global operations by shifting its focus entirely to the Indian solar market. The company’s step-down German subsidiary, Glasmanufaktur Brandenburg GmbH (GMB), has filed for insolvency, a move that underscores Borosil’s long-term commitment to India's solar manufacturing landscape.
GMB, the German subsidiary with a production capacity of 350 tonnes per day, had catered to European solar module manufacturers. However, deteriorating market conditions and a wave of underpriced solar modules from China led to a collapse in demand across Europe. Notably, large European manufacturers such as Meyer Berger also ceased operations, leading to a steep decline in demand for solar glass.
Borosil Renewables continued to support GMB with operational and financial backing worth €27 million. However, without clear policy support in Europe and monthly losses amounting to €0.9 million, the company decided to cease financial support. The insolvency was filed on July 4, 2025, and from this date, operations at GMB will be overseen by a court-appointed administrator.
Following the insolvency filing, Borosil Renewables will no longer bear GMB’s financial losses, which amounted to roughly ₹9 crore per month. However, the company will assess and account for any residual impact of the insolvency process in its upcoming quarterly results. As of March 31, 2025, Borosil’s exposure to its German operations stood at €35.30 million.
The company’s exit from the European market is a strategic pivot to India, where demand for solar infrastructure is accelerating. With solar module manufacturing capacity exceeding 90 GW and set to reach 150 GW by March 2027, India represents a significant growth opportunity.
Earlier this year, Borosil announced an expansion plan that includes two new furnaces and a ₹950 crore investment, increasing its capacity by 600 TPD. This will result in a 60% capacity growth from the current 1,000 TPD.
The Indian government’s supportive policies, particularly the five-year anti-dumping duty imposed in December 2024 on solar glass imports from China and Vietnam, have helped stabilise prices. As a result, average ex-factory prices in Q4 FY25 rose by 28% year-on-year. This policy-driven tailwind is helping Indian manufacturers like Borosil scale effectively and compete globally.
As of 9:44 AM on July 7, 2025, Borosil Renewables share price is trading at ₹521, a 4.81% increase.
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Chairman Mr P.K. Kheruka stated, “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.”
Borosil Renewables Limited is India’s first and largest manufacturer of solar glass. Known for its innovations and strong ESG commitment, the company continues to play a central role in supporting India's transition to clean energy.
This development reflects Borosil Renewables’ strategic realignment in response to evolving global market dynamics. The company’s focus now shifts towards leveraging India’s growing solar potential amidst supportive policy and rising domestic demand.
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Published on: Jul 7, 2025, 9:46 AM IST
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