Borosil Renewables has initiated the process to shut down its German subsidiary, GMB Glasmanufaktur Brandenburg GmbH, in a strategic decision aimed at concentrating fully on the fast-growing Indian solar glass market. The company filed for insolvency proceedings with the court in Cottbus, Germany, under the local insolvency code.
The move comes after a thorough review of market dynamics, financial performance, and long-term strategic direction. GMB, once a key part of Borosil’s European presence with a production capacity of 350 tonnes per day, has been severely impacted by declining demand due to aggressive price cuts and large-scale dumping of Chinese solar panels in the European market. Despite repeated appeals from domestic manufacturers, authorities have failed to implement effective protective measures, leading to the collapse of several German solar module firms.
As market conditions deteriorated, GMB’s solar glass offerings lost demand, resulting in mounting losses that weighed heavily on Borosil’s consolidated financials. The company has sought urgent intervention from relevant authorities, though the challenging environment persists. As of March 31, 2025, Borosil’s total financial exposure to its German operations stood at around €35.3 million (approximately ₹340 crore), including both equity and extended credit.
The insolvency filing on July 4, 2025, means Borosil will no longer absorb the monthly losses of its German subsidiary. Market observers believe the exit will allow the company to streamline its focus on India, where solar manufacturing is experiencing strong momentum.
India offers a compelling opportunity driven by consistent capacity addition in solar power, favourable policy support such as Production Linked Incentive (PLI) schemes and the Approved List of Models and Manufacturers (ALMM), and cost advantages for domestic players. Solar module manufacturing in India has already crossed 90 GW and is projected to touch 150 GW by March 2027, creating robust demand for solar glass and reducing reliance on imports.
Borosil is already taking steps to scale up. In May 2025, the company announced a ₹950 crore investment to increase its solar glass output by 600 tonnes per day through the addition of two furnaces of 300 TPD each. This expansion, amounting to a 60% boost over its existing 1,000 TPD capacity, comes at a time when anti-dumping duties on imports from China and Vietnam—effective from December 2024—are helping to stabilise domestic prices.
This policy shift is already driving up average solar glass prices in India. During Q4 of FY25, prices rose to ₹127.6 per mm² from ₹99.6 per mm² in the same quarter last year, reflecting a 28% jump. Borosil’s redirection of focus toward India positions the company to capitalise on these positive trends and reinforce its leadership in solar glass manufacturing, technology, and sustainability.
