Borosil Renewables files for closure of German subsidiary to focus on Indian solar glass market
Ltd has submitted an application to wind up its German subsidiary,
GMB Glasmanufaktur Brandenburg GmbH
, to concentrate efforts on the expanding Indian
solar glass market
, PTI reported. The company's decision follows a thorough evaluation of market conditions, financial viability, and long-term strategic priorities.
Insolvency proceedings initiated amid market challenges
The German subsidiary filed for insolvency proceedings before the Insolvency Court at Cottbus, Germany, under the German Insolvency Code (InsO). Borosil's filing noted that the challenges faced by GMB began with declining demand for German-made solar panels, triggered by a sharp fall in prices caused by Chinese manufacturers engaging in large-scale dumping in the European market through predatory pricing.
Despite calls from German solar module manufacturers for protective measures, authorities have yet to implement effective responses. This has led to the closure of major solar module manufacturers in Germany, some of whom have also filed for insolvency. The resulting collapse in demand for locally produced solar glass caused significant losses for GMB, impacting Borosil's consolidated financials.
Strategic shift to Indian market
Once a key part of
Borosil's global footprint
, GMB had a production capacity of 350 tonnes per day and primarily served the European solar glass market. However, since mid-2023, imports of low-cost solar panels from China exerted substantial pricing pressure, severely reducing demand for German-made modules and solar glass.
As of March 31, 2025, Borosil's total exposure to GMB and related German entities stood at €35.30 million (approximately ₹340 crore), including capital investments and loans. From the date of insolvency filing on July 4, 2025, the company will cease accounting for GMB's monthly losses.
Industry analysts suggest this move will enable Borosil Renewables to concentrate on its Indian operations, which are currently experiencing significant growth opportunities.
Growing prospects in India's solar sector
India's solar sector presents a strong growth outlook, driven by annual increases in solar power capacity, robust demand for solar infrastructure, supportive government policies such as Production Linked Incentives (PLI) and Approved List of Models and Manufacturers (ALMM) for modules and cells, alongside a competitive cost base.
Solar module manufacturing
capacity in India has already surpassed 90 gigawatts and is projected to reach 150 gigawatts by March 2027, creating extensive scope for capacity expansion and import substitution.
Borosil plans to leverage this opportunity by expanding its solar glass production capacity by 600 tonnes per day through the installation of two new furnaces, each with a capacity of 300 tonnes per day, at an estimated cost of ₹950 crore. This would represent a 60 per cent increase from its current manufacturing capacity of 1,000 tonnes per day.
Policy support and market impact
The imposition of a five-year anti-dumping duty from 4 December 2024 on solar glass imports from China and Vietnam is expected to establish a more level playing field for domestic manufacturers. This policy is anticipated to accelerate growth in India's solar glass manufacturing industry.
Consequently, domestic prices for solar glass have seen a marked rise. In Q4 FY25, average ex-factory selling prices stood at approximately ₹127.6 per millimetre per square metre, compared to ₹99.6 during the same period in FY24, marking a 28 per cent increase.
With this strategic pivot, Borosil aims to strengthen its leadership in solar glass innovation, manufacturing scale, and environmental, social and governance (ESG) driven clean energy technologies.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
20 minutes ago
- Mint
Allianz Life confirms data breach affecting majority of 1.4M US customers
MINNEOLIS — Hackers gained access to personal data on the majority of the 1.4 million customers of Allianz Life Insurance Company of North America, the company confirmed Saturday. Minneapolis-based Allianz Life, a subsidiary of Munich, Germany-based Allianz SE, said the data breach happened on July 16 when a 'malicious threat actor' gained access to a third-party, cloud-based system used by the company. 'The threat actor was able to obtain personally identifiable data related to the majority of Allianz Life's customers, financial professionals, and select Allianz Life employees, using a social engineering technique,' Allianz Life said in a statement. "We took immediate action to contain and mitigate the issue and notified the FBI." The company said its own systems were not accessed, just the third-party's platform. Allianz Life said its investigation is ongoing and that the company has begun reaching out to the impacted individuals. It said the incident involves only Allianz Life in the U.S., not other Allianz corporate entities. In the case of data breaches, a 'social engineering technique' usually involves using trickery to gain access. Spokesman Brett Weinberg said he couldn't provide details because they are still investigating. Allianz Life also reported the breach to multiple other authorities, including the Maine Attorney General's Office. A filing on the agency's website said the company discovered the breach the day after it happened, and that it will be offering those affected 24 months of identity theft protection and credit monitoring. Allianz Life was known as North American Life and Casualty until it was acquired by German conglomerate Allianz SE in 1979 and changed its name to Allianz Life Insurance Company of North America. It has nearly 2,000 employees in U.S., with the majority working in Minnesota, according to its website. It is one of five North American subsidiaries of the Munich-based global financial services group Allianz SE, which says it serves more than 125 million customers worldwide. This article was generated from an automated news agency feed without modifications to text.
Time of India
an hour ago
- Time of India
India-UK trade pact to benefit youth, MSMEs, startups: PM Modi
India-UK trade pact to benefit youth, MSMEs, startups: PM Modi TUTICORIN: The India-UK FTA will benefit Tamil Nadu (TN) youth, MSMEs, and startups, PM Narendra Modi said at Tuticorin airport, where he launched infrastructure projects worth over Rs 4,800 crore across southern TN on Saturday. Among the major projects unveiled was the Rs 450 crore new airport terminal designed to handle 20 lakh passengers annually. "Following FTA, 99% of Indian products sold in UK will be tax-free, boosting Indian manufacturing and creating new opportunities. The agreement will serve as a catalyst for industries rooted in TN's traditional strengths, ranging from handlooms to seafood exports," he said, addressing the gathering at the airport. Modi said TN is witnessing unprecedented development under NDA government at Centre. "Infrastructure and energy form the backbone of any state's development. Over past 11 years, the sustained focus on these sectors reflects the priority accorded to the state's progress," he said. The PM said Rs 3 lakh crore was devolved to TN central taxes over the past 11 years, nearly three times what was allotted under previous UPA government. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Urologists: Enlarged Prostate? Every Man Should Stop This 1 Habit! Prostate Health Journal Click Here Undo He inaugurated multiple projects involving road, rail, port, and power sectors. All the launches, including ribbon-cutting of the terminal, were done symbolically from the airport. He flagged off three railway infrastructure upgrades and electrification of the Madurai-Bodinayakkanur line. He also laid the foundation for a Rs 550 crore 765 kV transmission corridor project to evacuate power from Kudankulam Nuclear Power Plant Units 3 and 4. Modi said the global perception of India has shifted significantly. "Today, the world sees its own growth in India's growth," he said. Recalling India's success in Operation Sindoor , he said, "You all recently witnessed the power of ' Make in India ' during Operation Sindoor. Made-in-India weapons played a crucial role in reducing terror hideouts to rubble. Even today, arms manufactured in India continue to shake the sleep of those who shelter terrorism." He said NDA government prioritised the coastal economy, ensuring inclusive development. "TN's growth is a vital component of our vision for a Viksit Bharat," he said. Modi also invoked the memories of freedom fighters and poets, including V O Chidambaranar, Veerapandiya Kattabomman, Alagumuthu Kone, and Subramania Bharati. Modi arrived at Tuticorin airport 7.45pm and was received by governor R N Ravi, Union ministers L Murugan and Ram Mohan Naidu Kinjarapu, TN finance minister Thangam Thennarasu and industries minister TRB Rajaa. The event also witnessed brief political sloganeering between BJP and DMK cadres near the airport.
The Hindu
an hour ago
- The Hindu
Central projects will create a ‘developed Tamil Nadu', says Narendra Modi
The Union government-funded infrastructure projects being implemented in Tamil Nadu on an outlay of over ₹3 lakh crore will help the Centre realise its dream of achieving 'Viksit Tamil Nadu', Prime Minister Narendra Modi said on Saturday. Inaugurating the new terminal building at the Thoothukudi airport, he said his government, which had promised a 'Viksit Bharat' (Developed India), was according the highest priority for infrastructure development. Hence, the port, rail and energy sectors were getting an unprecedented facelift nationwide, from Jammu and Kashmir to Tamil Nadu. Mr. Modi said the Centre had released over ₹3 lakh crore since 2014 for strengthening Tamil Nadu's infrastructure to make it 'Developed Tamil Nadu'. This was three times higher than the funding provided by the previous United Progressive Alliance government to the State. He further said the north cargo berth at VOC Port, Thoothukudi; six-lane VOC Port Road; and four-lane Sethiyathope-Chozhapuram Highway would significantly catalyse the trade opportunities and employment generation for the locals. In an apparent reply to Chief Minister M.K. Stalin's recent assertion that the Centre was refusing to allocate funds for Tamil Nadu, he said the thrust being given for infrastructure development in Tamil Nadu by the Centre in energy, road, rail, and port sectors would phenomenally expedite the State's growth while achieving the Centre's goal of 'Viksit Tamil Nadu'. He recalled that the National Democratic Alliance government had sanctioned 11 new medical colleges for Tamil Nadu, and the Centre was also developing harbours to improve their livelihood. Terming India's recent free trade agreement with the United Kingdom (U.K.) as 'historic', Mr. Modi said this agreement would open unprecedented export opportunities for Indian products. 'As more than 99% of the 'Make in India' products will be available in the U.K. at lower prices, the rise in demand will increase production in India and generate more employment in the micro and small industries here. It will enhance the world's faith in India, which will become the third largest economy in the world soon,' Mr. Modi said. He added that home-grown weapon systems, which were used in recent 'Operation Sindhoor', had destroyed the terrorists' hideouts and had given sleepless nights to the sponsors of terror. Governor R.N. Ravi, Union Minister of Civil Aviation Ram Mohan Naidu Kinjarapu, Union Minister of State for Information and Broadcasting L. Murugan, Tamil Nadu Ministers T.R.B. Rajaa, P. Geetha Jeevan, and Anita R. Radhakrishnan and MP Kanimozhi were among those present. State Finance Minister Thangam Thennerasu presented a memento to Mr. Modi on the occasion.
