GMB insolvency: Borosil exits loss-making German unit GMB, focus shifts to India's booming solar glass market
In a regulatory filing, Borosil said GMB has applied for the commencement of insolvency proceedings before the Insolvency Court in Cottbus, Germany, under the German Insolvency Code (InsO). The decision follows a comprehensive assessment of market viability, strategic priorities, and continued losses caused by plunging demand, PTI reported.
"The challenges for GMB began with slide in demand for German made solar panels, when faced with the precipitous drop in prices by Chinese manufacturers of solar panels, who have engaged in large scale dumping in the European market, using predatory pricing," Borosil said.
The company added that despite repeated warnings from German solar module makers, authorities had not taken meaningful protective action. This policy vacuum forced several German manufacturers to shut down or enter insolvency, leading to the collapse of demand for solar glass locally manufactured by GMB.
As a result, GMB — once a vital part of Borosil's global footprint with a 350-tonne-per-day production capacity — reported substantial losses, adversely impacting Borosil's consolidated financials.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Quanto costa trasformare la vasca in doccia?
Remail
Scopri
Undo
Borosil's total exposure to its German operations stood at €35.3 million, or around Rs 340 crore, as of March 31, 2025.
Effective July 4, 2025 — the date of the insolvency filing — Borosil will no longer account for GMB's monthly losses.
Analysts noted that it allows Borosil to stem the capital bleed from a structurally declining market and redirect resources toward its home base in India, where solar power growth is surging.
India presents a compelling growth story, one analyst said, quoted PTI citing aggressive solar capacity additions, strong infrastructure demand, and supportive policies such as production-linked incentives (PLI) and the Approved List of Models and Manufacturers (ALMM).
India's solar module manufacturing capacity has already crossed 90 gigawatts and is expected to reach 150 gigawatts by March 2027, creating massive potential for domestic solar glass makers.
Borosil aims to double down on its solar glass innovation, manufacturing scale, and ESG-aligned clean energy strategy. In May, it announced a Rs 950 crore investment to expand capacity by 600 tonnes per day by setting up two new furnaces of 300 TPD each — a 60% increase from its current 1,000 TPD base.
The recent imposition of a five-year anti-dumping duty on solar glass imports from China and Vietnam, effective December 4, 2024, has created a more level playing field for Indian producers.
This has already reflected in improved price realisations: average ex-factory selling prices for solar glass in Q4 FY25 rose to Rs 127.6 per millimetre per square metre from Rs 99.6 a year ago — a 28% jump.
With its strategic pivot complete, Borosil is now positioned to consolidate its leadership in India's solar glass industry amid favourable policy tailwinds and growing market demand.
Stay informed with the latest
business
news, updates on
bank holidays
and
public holidays
.
AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
35 minutes ago
- Time of India
Sebi Plans to Heighten Derivatives Surveillance
Live Events The Securities and Exchange Board of India (Sebi) is planning to enhance its surveillance system to check manipulation in the derivatives market, chairman Tuhin Kanta Pandey said on Monday. This follows the regulator barring US-based proprietary trader Jane Street from the securities market for allegedly generating illegal profits by manipulating indices through large derivatives positions.'This (Jane Street case) is essentially a surveillance issue,' Pandey said on the sidelines of an event. 'Surveillance mechanisms will be upgraded further to strengthen oversight.' He added that monitoring will continue at Sebi's as well as stock exchange levels.'Manipulative practices can be worked out by different players in different ways,' Pandey said. 'There is no one particular way in which you have to assess. Our regulations clearly mention that manipulative and fraudulent practices are not allowed in the market, and within the regulations, Sebi has all powers to investigate and act.'The chairman appeared to be of the view that such practices aren't widespread. 'There may not be many more such cases,' he said in response to a question on whether other funds may have manipulated the markets in a similar week, Sebi ordered the seizure of what it said were 'illegal gains' made by Jane Street to the tune of Rs 4,844 crore ($570 million) in one of the toughest punitive actions against an international trader. It's likely the largest amount thus impounded by the entities tied to Jane Street Group — JSI Investments, JSI2 Investments, Jane Street Singapore and Jane Street Asia Trading — have been prohibited from dealing in securities, directly or Street, which started its India operations in 2020, made a profit of about $4.3 billion between January 2023 and March 2025, the period under review, on its India regulator's finding is that the NSE's Bank Nifty Index — comprising stocks of India's top dozen lenders — was manipulated in a complex and illegal manner aided by JS Group's immense trading, financial and algorithmic Street would drive up prices with heavy buying in the morning and send them down through a selling spree later in the day, according to Sebi. It also sought to push index levels down with heavy sell orders close to the option expiry, the regulator found that Bank Nifty options alone contributed Rs 17,319 crore, amounting to 40% of the total index option's profits.
Time of India
37 minutes ago
- Time of India
Pune witnesses significant boost in office leasing
1 2 3 Pune: The office leasing market in Pune experienced a notable surge in the first half of 2025, continuing with the trend observed in 2024. This increase was primarily fuelled by Global Capability Centers (GCCs), which are the Indian technology hubs of multinational corporations, as they aggressively expanded their operations. The GCCs secured a larger proportion of available office spaces in the city during the initial six months of the year, with a particularly strong increase in activity during the April-June quarter. Reports indicate that the total office spaces leased in Pune from Jan to June 2025 ranged from 38 lakh sqft to 51 lakh sqft. Data from real estate consulting firm CBRE South Asia highlights that nearly 30 lakh sqft of commercial space was leased in Q2 2025 alone. Out of this, an impressive 15 lakh sqft was leased by the GCCs — a substantial jump compared to the 2.5 lakh sqft they rented in the first three months of 2025. You Can Also Check: Pune AQI | Weather in Pune | Bank Holidays in Pune | Public Holidays in Pune "India's office market has not only sustained, but accelerated the momentum built in 2024, propelled by the expansion of GCCs, the resurgence of third-party IT service providers, and the growing demand for flexible workspaces," Shishir Baijal, CMD of Knight Frank India, said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo Peush Jain, MD of commercial leasing at Anarock, said the leasing activity of GCCs in India increased amid the ongoing policy chaos in the US. However, new additions to office spaces also suddenly increased between Jan and June as some planned projects in Kharadi were completed recently. Office completions stood at 88 lakh sqft — a 264% increase. Although it led to a corresponding rise in vacant offices, commercial rentals increased by 3% to Rs77 per sqft, indicating that corporations are willing to pay for quality and flexibility, as per a Knight Frank India report. Flex operators maintained their demand in office leasing, led by large block deals across Kharadi, Mundhwa, Balewadi, and Wakad. Pune: The office leasing market in Pune experienced a notable surge in the first half of 2025, continuing with the trend observed in 2024. This increase was primarily fuelled by Global Capability Centers (GCCs), which are the Indian technology hubs of multinational corporations, as they aggressively expanded their operations. The GCCs secured a larger proportion of available office spaces in the city during the initial six months of the year, with a particularly strong increase in activity during the April-June quarter. Reports indicate that the total office spaces leased in Pune from Jan to June 2025 ranged from 38 lakh sqft to 51 lakh sqft. Data from real estate consulting firm CBRE South Asia highlights that nearly 30 lakh sqft of commercial space was leased in Q2 2025 alone. Out of this, an impressive 15 lakh sqft was leased by the GCCs — a substantial jump compared to the 2.5 lakh sqft they rented in the first three months of 2025. "India's office market has not only sustained, but accelerated the momentum built in 2024, propelled by the expansion of GCCs, the resurgence of third-party IT service providers, and the growing demand for flexible workspaces," Shishir Baijal, CMD of Knight Frank India, said. Peush Jain, MD of commercial leasing at Anarock, said the leasing activity of GCCs in India increased amid the ongoing policy chaos in the US. However, new additions to office spaces also suddenly increased between Jan and June as some planned projects in Kharadi were completed recently. Office completions stood at 88 lakh sqft — a 264% increase. Although it led to a corresponding rise in vacant offices, commercial rentals increased by 3% to Rs77 per sqft, indicating that corporations are willing to pay for quality and flexibility, as per a Knight Frank India report. Flex operators maintained their demand in office leasing, led by large block deals across Kharadi, Mundhwa, Balewadi, and Wakad.
Economic Times
39 minutes ago
- Economic Times
Local electronics parts vendors plan non-Chinese JVs
Indian electronics companies are seeking partnerships. They are looking at South Korean, Taiwanese, and Japanese firms. This is for electronics component manufacturing. The reason is India's stance on Chinese investments. Companies like Dixon and Amber are finalising proposals. The electronics component manufacturing scheme deadline is approaching. The scheme aims to boost domestic value addition. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Technical alliance Raising local value addition Tired of too many ads? Remove Ads Kolkata: As the deadline for submitting applications for the electronics component manufacturing scheme draws near, home-grown contract manufacturers such as Dixon Technologies Epack Durable , Micromax's Bhagwati Products and Optiemus are finalising most of their proposals with South Korean, Taiwanese and Japanese companies as equity partners, CEOs of these Indian firms development is significant as China was the largest sourcing market for products and parts, as well as partnerships and JVs till now. Their decision stems from India's tough stand against Chinese FDI, which needs multi-ministerial nod under Press Note 3 move could also be attributed to continued business related conflicts such as the neighbouring country's rare earth magnet export curbs imposed on India, among other Press Note 3 norms were issued after the border clashes with China in 2020. Since then only a handful of large Chinese companies have received such clearances.'There is no denying that China is far ahead in large-scale component technology manufacturing, but we are careful about the government stand, as not just the initial investment will need government clearance, but even the subsequent ones. Such clearances will take a lot of time, impact our plans and incentive payout under the scheme,' said a CEO of one of the largest players in the industry.'So, wherever we have found the technology in Taiwan and South Korea, we would use that while for others we are still dependent on China. But we are trying to negotiate for a technical alliance or a minority shareholding with them,' he said, requesting Enterprises will put in Rs 4,000 crore application under component manufacturing scheme which will be invested through the tenure of the scheme, CEO Jasbir Singh part of a joint venture with South Korea's Korea Circuit, a Rs 3,000 crore application for manufacturing of high density interface and semiconductor substrates and a Rs 1,000 crore application for printed circuit board manufacturing will be submitted, said Singh. Amber is the largest contract manufacturer for largest home-grown smartphone contract manufacturer Dixon Technologies' managing director Atul Lall said the company is currently finalising its applications and terms for joint ventures with South Korean and Taiwanese firms. 'There might be applications with Chinese too, but the terms are being finalised,' he Products is betting on Korean, Taiwanese and Chinese firms for equity joint ventures and technical collaboration depending upon the approval from competent authority, said its director Rajesh window for applications under the electronics component manufacturing scheme closes by the end of July. The scheme has a budget outlay of ?22,919 crore and is spread over six years, with one year as gestation is aimed at developing a robust component ecosystem by attracting large investments, increasing domestic value addition, which is at 20% on an average at present, and integrating Indian companies with global value government has said it expects to attract investment of Rs 59,350 crore to produce goods worth Rs 4,56,500 crore and generate additional direct employment of 91,600 people, besides many indirect jobs during its tenure. Already, over 100 applications have been received under the Gupta, MD (operations), PG Electroplast, said the company will submit 4-5 applications, including with non-Chinese Optiemus, Taiwanese companies are the first preference for joint ventures, said executive chairman Ashok Durable will submit two applications of Rs 300 crore in total for components for sound, printed circuit board assembly and display, said its managing director Ajay DD Singhania. 'Our first priority is non-Chinese partners from Taiwan, South Korea and Japan,' he said.A company CEO said that it was a sensitive issue for companies having Chinese brands as clients as the existing component manufacturers for those brands are all mostly Chinese. 'Some are Taiwanese too. So, we are talking to the clients too before finalising the applications,' he said.
