Borosil Exits German Solar Unit Amid Losses; Refocuses on Indian Market with ₹950 Cr Expansion
By Shishta Dutta | Updated at: Oct 8, 2025 04:45 PM IST
Mumbai, July 7, 2025: Borosil Renewables Ltd (NSE: BORORENEW, BSE: 502219) has announced the formal insolvency filing of its German step-down subsidiary, Glasmanufaktur Brandenburg GmbH (GMB), on July 4, 2025. This move signals a strategic realignment of Borosil’s international operations as the company sharpens its focus on India’s rapidly expanding solar manufacturing ecosystem.
Insolvency Filing: Strategic Exit from Loss-Making EU Business
GMB filed for insolvency under the German Insolvency Code (InsO) before the jurisdictional court at Cottbus. The primary reasons cited for this decision include prolonged demand erosion and policy uncertainty in the European solar sector, significantly exacerbated by an influx of low-priced Chinese modules.
| Subsidiary | Location | Capacity | Monthly Loss | Exposure (as of Mar 31, 2025) |
|---|---|---|---|---|
| Glasmanufaktur Brandenburg GmbH (GMB) | Germany | 350 TPD | €0.9 million (~₹9 crore) | €35.30 million |
The subsidiary, GMB, had a capacity of 350 tonnes per day (TPD) and was incurring monthly losses of approximately €0.9 million (around ₹9 crore). As of March 31, 2025, Borosil’s total exposure to GMB and its associated German entities stood at €35.30 million (approximately ₹340 crore), which included both capital investments and operational/financial support. Borosil had provided €27 million in support before deciding to exit.
Chairman 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. We deepen our commitment to building scale and excellence in India.”
Following the filing, GMB’s operations will be managed by a court-appointed administrator. Borosil will stop accounting for monthly losses from the subsidiary and assess the impact in upcoming quarterly results.
Strategic Refocus: ₹950 Cr Expansion in India Underway
Borosil Renewables is now redirecting its efforts and resources towards expanding its Indian operations, which are benefiting from strong policy support and surging domestic demand. India’s solar module manufacturing capacity has already exceeded 90 GW and is projected to reach 150 GW by FY27.
| Indian Expansion Highlights | Details |
|---|---|
| Current Solar Glass Capacity | 1,000 TPD |
| Planned Additional Capacity | 600 TPD via 2 new furnaces |
| Capex Committed | ₹950 crore |
| Anti-Dumping Duty Support | 5-year duty (from Dec 2024) on imports from China & Vietnam |
| Solar Glass Price Trend (Q4 FY25) | +28% YoY |
Share Price Performance
The shares of Borosil opened on a positive note today. At around 9:30 AM, the shares were up by 4.27%, or ₹21.25 and were trading at ₹518.35.
Outlook
This strategic realignment allows Borosil Renewables to free up capital and management bandwidth, enabling it to focus entirely on fueling domestic growth within a structurally sound and policy-supported environment. With solar glass prices firming up and India’s solar capacity expanding rapidly, Borosil is strategically positioning itself as a key enabler of India’s green energy ambitions and aims to increase its market share to 60% by 2026.
REF:https://www.bseindia.com/xml-data/corpfiling/AttachLive/1f196843-96d2-4204-ab5d-6970232936d3.pdf
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