Latest news with #Borosil
Time of India
07-07-2025
- Business
- Time of India
Borosil Renewables files for closure of German subsidiary to focus on Indian solar glass market
Borosil Renewables 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.
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Business Standard
07-07-2025
- Business
- Business Standard
Borosil Renewables up 6% on plans to sharpen focus on India solar sector
Borosil Renewables shares spiked 6 per cent in trade, logging an intraday high at ₹526.5 per share. At 12:30 PM, Borosil Renewables shares were trading 3 per cent higher at ₹511.7 per share on the BSE. In comparison, the BSE Sensex was down 0.13 per cent at 83,326.5. The company's market capitalisation stood at ₹6,778.32 crore. Its 52-week high was at ₹644 per share and 52-week low was at ₹403.1 per share. Why were Borosil Renewable shares in demand? The buying interest on the counter came after the company's German arm GMB Glasmanufaktur Brandenburg GmbH filed for insolvency which frees up resources and management bandwidth for Borosil Renewables to further scale its core Indian operations which are experiencing robust demand, policy tailwinds, and improving pricing environment following the imposition of anti-dumping duties on imports from China and Vietnam, according to the filing. GMB, with a capacity of 350 tonnes per day (TPD), had served European manufacturers of solar modules for their requirements of solar glass. However, demand erosion became drastic last year, as Chinese manufacturers flooded the European market with severely underpriced solar modules. European solar module manufacturers, amongst them stellar names like Meyer Berger started closing down. Demand for solar glass dropped precipitously, as module manufacturers started shutting down. Based on policies announced at the EU and Federal levels, Borosil continued support through its subsidiary, with operational adjustments and financial support totalling €27 million. Further, GMB's operations will be overseen by a court-appointed administrator in Germany. Borosil will no longer account for GMB's financial losses, which amounted to approximately ₹9 crore per month, according to the filing. Borosil will have to assess and account for any impact, on account of the aforesaid insolvency resolution process of GMB, in the forthcoming quarterly results. The exposure as of March 31, 2025, in the German subsidiary and step-down subsidiary is Euro 35.30 million. India's solar module manufacturing capacity has already surpassed 90 GW and is expected to rise to 150 GW by March 2027, presenting a strong demand environment for domestic solar glass. In May 2025, Borosil announced plans to increase its manufacturing capacity by 600 TPD through two new furnaces, investing approximately ₹950 crore. This would mark a 60 per cent expansion over its current capacity of 1,000 TPD. About Borosil Renewables Limited Borosil Renewable manufactures solar glass and a global pioneer in clean energy materials innovation. Through technology leadership, backwardintegrated manufacturing, and deep commitment to ESG, the company plays a central role in enabling India's solar energy ambitions.
Business Standard
07-07-2025
- Business
- Business Standard
Borosil Renewables' German subsidiary files for insolvency
Borosil Renewables has announced that its German subsidiary, GMB Glasmanufaktur Brandenburg GmbH, has filed for insolvency under German Insolvency Code (InsO) before the jurisdictional court at Cottbus. The decision follows a prolonged period of deteriorating market conditions in the European solar manufacturing ecosystem. and reflects the company's intent to sharpen strategic focus on the rapidly growing Indian solar sector. GMB, with a capacity of 350 tonnes per day (TPD), had served European manufacturers of solar modules for their requirements of solar glass. However, demand erosion became drastic last year, as Chinese manufacturers flooded the European market with severely underpriced solar modules. European solar module manufacturers, amongst them stellar names like Meyer Berger started closing down. Demand for solar glass dropped precipitously, as module manufacturers started shutting down. Based on policies announced at EU and Federal level, Borosil continued support through its subsidiary, with operational adjustments and financial support totalling 27 million. Unfortunately, in the absence of clear policy announcements and support, Borosil had few options left other than to stop haemorrhaging to the tune of 0.9 million every month. The Indian market requires close attention and is presenting opportunities for expansion and development. In the event, From July 4, 2025 the date of the insolvency filing GMB's operations will be overseen by a court-appointed administrator in Germany. Borosil will no longer account for GMB's financial losses, which had amounted to approximately INR 9 crore per month. Borosil will have to assess and account for any impact, on account of the aforesaid insolvency resolution process of GMB, in the forthcoming quarterly results. The exposure as of March 31, 2025 in the German subsidiary and step-down subsidiary is Euro 35.30 million. The move frees up resources and management bandwidth for Borosil Renewables to further scale its core Indian operations, which are experiencing robust demand, policy tailwinds, and improving pricing environment following the imposition of anti-dumping duties on imports from China and Vietnam. India's solar module manufacturing capacity has already surpassed 90 GW and is expected to rise to 150 GW by March 2027, presenting a strong demand environment for domestic solar glass. In May 2025, Borosil announced plans to increase its manufacturing capacity by 600 TPD through two new furnaces, investing approximately INR 950 crore. This would mark a 60% expansion over its current capacity of 1,000 TPD. Moreover, supportive government policy, including the five-year anti-dumping duty introduced in December 2024, is creating a level playing field for Indian manufacturers. Prices for solar glass have strengthened significantly, with Q4 FY25 average ex-factory prices up 28% year-on-year as a result of a gradual increase in the selling prices towards the reference price under Anti-dumping duty measures applicable to imports from China. Borosil Renewables remains committed to pioneering world-class solar glass technology, supporting India's energy transition, and creating sustainable long-term value for all stakeholders.
Time of India
06-07-2025
- Business
- Time of India
GMB insolvency: Borosil exits loss-making German unit GMB, focus shifts to India's booming solar glass market
Borosil Renewables has moved to exit its German solar glass business, with its step-down subsidiary GMB Glasmanufaktur Brandenburg GmbH filing for insolvency, as the company shifts focus to the fast-growing Indian 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
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Business Standard
06-07-2025
- Business
- Business Standard
Borosil Renewables to wind up German unit, focus on Indian solar glass
Borosil Renewables has filed an application to wind up operations of its German subsidiary to sharpen focus on the Indian solar glass market with immense potential. In a regulatory filing, Borosil Renewables Ltd said its material step-down subsidiary in Germany, GMB Glasmanufaktur Brandenburg GmbH, has filed an application for the commencement of insolvency proceedings before the Insolvency Court at Cottbus, Germany, in accordance with the German Insolvency Code (InsO). This decision was reached after a comprehensive assessment of market conditions, financial viability, and long-term strategic priorities. "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. "Despite the alarms sounded by the German solar module manufacturers seeking protection against such dumping, policy responses to date have been insufficient," the filing said. Lack of meaningful protective measures by the authorities concerned has led to the shutdown of major solar module manufacturers in Germany, with some of them filing for the commencement of insolvency proceedings. Eventually, this resulted in the disappearance of the market demand for solar glass manufactured by GMB, causing substantial losses to GMB, which has affected the consolidated financials of the company, it said. The company/GMB has approached the authorities concerned to get some quick measures in place. GMB (capacity of 350 tonnes per day) was once a vital part of Borosil's global footprint, serving the European solar glass market. However, since the second half of 2023, the landscape changed dramatically. A significant increase in low-cost solar panel imports from China created unprecedented pricing pressure, leading to a rapid decline in demand for German-made modules and, consequently, for locally produced solar glass. Lack of meaningful protective measures by the authorities has led to the shutdown of major solar module manufacturers in Germany, with some of them filing for the commencement of insolvency proceedings. As of March 31, 2025, Borosil's total exposure to GMB and its associated German entities stood at 35.30 million euros, or approximately ₹340 crore. This includes both capital investments and loans extended over time to sustain German operations. From the date of the insolvency filing (July 4, 2025), Borosil will no longer account for GMB's monthly losses. Analysts said the insolvency filing will lead to sharper focus on Indian operations that are witnessing significant tailwinds. The move allows Borosil Renewables to halt capital bleed in a structurally declining market and reallocate resources toward its growth nucleus: India. India presents a compelling growth story driven by sizeable addition to solar power capacity every year, strong demand for solar infrastructure, supportive government policy (including PLI schemes and ALMM for modules and cells), and a favourable cost base. Manufacturing capacity for solar modules has already reached 90-plus gigawatts and is expected to rise to 150 gigawatts by March 2027. Thus, there is a huge scope for capacity addition and import substitution. With this pivot, Borosil aims to double down on its leadership in solar glass innovation, manufacturing scale, and ESG-driven clean energy technologies, they said. In May this year, Borosil Renewables announced its plan to raise production capacity for solar glass by 600 tonnes per day, by setting up two furnaces of 300 TPD each at an estimated cost of ₹950 crore. This translates into significant capacity addition of 60 per cent, considering Borosil's existing manufacturing capacity of 1,000 TPD. The imposition of anti-dumping duty for a period of five years, effective from December 4, 2024, on the import of solar glass from China and Vietnam is leading to a level playing field for domestic manufacturers. This policy measure is anticipated to foster rapid and significant growth in domestic solar glass manufacturing. The imposition of anti-dumping duty has also led to a significant improvement in domestic prices for solar cells. For example, average ex-factory selling prices for solar glass during Q4 FY25 were about ₹127.6 per millimetre per square metre as compared to ₹99.6 per millimetre per square metre in the same period in FY24, translating into an increase of 28 per cent. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
