India’s Solar Market Emerges as the Core Growth Focus

Borosil Renewables Limited has announced a strategic shift in its global operations following the insolvency filing of its step-down German subsidiary, GMB Glasmanufaktur Brandenburg GmbH, before the Cottbus Insolvency Court. The move marks a decisive pivot towards the fast-growing Indian solar manufacturing ecosystem, after sustained financial strain in European markets.

GMB, with a solar glass capacity of 350 tonnes per day, had been serving leading European solar module manufacturers. However, demand for its products plummeted as Chinese manufacturers engaged in aggressive price-cutting and flooded the European market. Several prominent European solar players, including Meyer Burger, shut down operations, triggering a collapse in demand for solar glass across the region.

Despite injecting over €27 million in operational and financial support to GMB over the past year, Borosil faced unrelenting monthly losses of nearly €0.9 million (approximately INR 9 crore). In the absence of timely policy support from the EU and German authorities, the company opted to halt further losses and file for insolvency proceedings.

Effective July 4, 2025, GMB’s affairs will be managed by a court-appointed administrator. Borosil will no longer account for GMB’s operational losses from that date. The company’s total exposure to GMB and its immediate holding company stood at €35.30 million as of March 31, 2025. The financial implications will be reflected in Borosil’s upcoming quarterly results.

Commenting on the decision, Mr. P.K. Kheruka, Chairman of Borosil Renewables, said:

“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.”

With the exit from its loss-making European subsidiary, Borosil is realigning resources and management attention towards its Indian operations, where demand is accelerating. India’s solar module capacity has already surpassed 90 GW and is projected to reach 150 GW by March 2027, driving strong demand for domestic solar glass.

In May 2025, the company announced a significant expansion plan, adding 600 TPD of capacity through two new furnaces, backed by a ₹950 crore investment—a 60% boost to its existing 1,000 TPD capacity. Further support has come from the Indian government’s five-year anti-dumping duty on imports from China and Vietnam, introduced in December 2024. This has helped firm up domestic pricing, with average ex-factory prices for solar glass rising 28% YoY in Q4 FY25.

Borosil Renewables reaffirmed its commitment to building world-class solar glass capabilities and supporting India’s energy transition goals. The company believes the reallocation of capital and focus will unlock sustainable long-term value for its stakeholders.

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What’s Your Take on Borosil’s Strategy?

• Do you agree with the company’s decision to exit Europe and double down on India?
• Will policy support in India keep the domestic solar sector resilient against global pressures?
• How do you see solar glass pricing evolving over the next year?

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