Borosil Renewables Ltd has outlined significant developments, including a ₹675-crore production capacity expansion in India and a revamped ₹700-crore fundraising strategy, as part of its growth roadmap. The company also plans a temporary shutdown of its German subsidiary’s furnace due to unfavorable market conditions in Europe.
GMB Glasmanufaktur Brandenburg GmbH, Borosil’s German subsidiary, will cool down its 350 TPD furnace by the end of December 2024, responding to weakened demand caused by solar module dumping from Southeast Asia and slow market activity in the EU. Limited operations will continue to fulfill existing orders until conditions improve.
In India, the company has revived its production expansion plans, spurred by favorable government policies such as import duties on solar glass and provisional anti-dumping measures targeting imports from China and Vietnam. Borosil’s board approved adding 500 TPD capacity at its Bharuch facility through either two 250 TPD furnaces in phases or a single 500 TPD furnace.
To support its growth initiatives, Borosil has revised its fundraising strategy, replacing the previously proposed ₹450-crore rights issue. Instead, the company plans to raise ₹600 crore by issuing 1.13 crore warrants to non-promoter investors at ₹530 per warrant and an additional ₹100 crore through equity shares issued to the promoter group. These steps await shareholder and regulatory clearance.
Borosil Renewables Ltd. is a pioneering Indian manufacturer of solar glass, catering to the rapidly growing renewable energy sector. The company is the first in India to manufacture solar glass, playing a crucial role in the production of photovoltaic (PV) modules for solar energy applications.
With a focus on high-quality, durable, and efficient glass for solar panels, Borosil Renewables supports India’s push toward energy independence and sustainability. The company operates in a competitive landscape, advocating for fair pricing and policy support, including anti-dumping measures, to protect local industries from below-cost imports, especially from China. With a strong market presence, Borosil is committed to advancing India’s renewable energy goals by ensuring a reliable supply of solar glass for the growing domestic and international demand for solar energy solutions.
