Borosil Renewables German Subsidiary Files For Insolvency

Borosil Renewables Limited has announced that its German subsidiary, GMB Glasmanufaktur Brandenburg GmbH, has filed for insolvency under the 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 its focus on the rapidly growing Indian solar sector, it clarified.

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When Borosil Renewables Ltd (BRL) announced the acquisition in 2022, the Mumbai-based solar glass maker acquired an 86% stake in the Interfloat Group through its overseas subsidiaries. At the time, Interfloat’s unit GMB operated a solar glass plant with a production capacity of 300 tonnes per day (TPD). The acquisition was then expected to boost BRL’s total solar glass manufacturing capacity to 750 TPD, up from 450 TPD—a 66% increase. Later in May 2025, Borosil announced plans to increase its manufacturing capacity by 600 TPD through two new furnaces, investing approximately Rs. 950 crore. This would have marked a 60% expansion over its current capacity of 1,000 TPD. Thus, the decision to cut back and file for bankruptcy is relatively unexpected.

Borosil Renewables cited poor market conditions for shutting down operations, stating, "GMB, with a capacity of 350 tonnes per day (TPD), had been supplying European solar module manufacturers with solar glass. However, demand dropped sharply last year as Chinese manufacturers flooded the European market with heavily underpriced solar modules. As a result, several European solar module makers—including prominent names like Meyer Burger—began shutting down."

It further explained, "As demand for solar glass dropped precipitously, module manufacturers started shutting down. Based on policies announced at the EU and Federal levels." Borosil said that it continued to support through its subsidiary, with operational adjustments and financial support totaling €27 million. Unfortunately, in the absence of clear policy announcements and support, Borosil stated that it had few options left other than to stop hemorrhaging to the tune of € 0.9 million every month. The Indian market requires close attention and presents opportunities for expansion and development.

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“Over the years, we have contributed meaningfully to the solar glass ecosystem across markets. This decision reflects our clear-eyed view of where the future lies and the confidence we have in India’s solar manufacturing story. With this step, we deepen our commitment to building scale and excellence in India, where the potential is vast, the policies are enabling, and the momentum is real. It is a forward-looking decision made with the long-term in mind”, said P.K. Kheruka, Chairman, Borosil Renewables Limited.

Background

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 amounted to approximately Rs. 9 crore per month.

Borosil said it will have to assess and account for any impact on account of the aforesaid insolvency resolution process of GMB, in the forthcoming quarterly results. It explained that 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 an improving pricing environment following the imposition of anti-dumping duties on imports from China and Vietnam," the company said.

Borosil Renewables shared its plans for the Indian market: "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. Moreover, supportive government policy, including the five-year anti-dumping duty introduced in December 2024, is creating a level playing field for Indian manufacturers. Additionally, the price for solar glass has strengthened significantly, with Q4 FY25 average ex-factory prices up 28% year-on-year (YoY) 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."