GMB Glasmanufaktur Brandenburg GmbH (GMB), a material step-down subsidiary of Borosil Renewables Limited, has filed for insolvency proceedings in Germany, citing prolonged demand stagnation, ongoing losses, and the absence of meaningful recovery prospects in the European solar glass market.

The insolvency application was submitted on July 4, 2025 by GMB’s Managing Director to the jurisdictional insolvency court in Cottbus, Germany, in accordance with the provisions of the German Insolvency Code (Insolvenzordnung – InsO). The decision follows an independent assessment of the company’s financial position and its inability to sustain operations amidst persistent market challenges.

GMB has faced mounting pressure since the downturn in demand for German-made solar panels, triggered by large-scale dumping of low-priced solar modules from China. The company, along with several other players in the German solar value chain, had called for protective measures, but policy responses have remained insufficient. As a result, many domestic solar module manufacturers shut down operations, effectively wiping out the demand for solar glass produced by GMB.

Earlier disclosures by Borosil dated December 18, 2024 and January 16, 2025 had already indicated the cooling down of GMB’s furnace due to weak demand and unfavorable market conditions across the European Union. Since then, no material improvement has occurred, and attempts to restart limited operations through alternate product lines also failed to gain traction.

Borosil noted that continuing to fund GMB’s standing charges—estimated at INR 9 crore per month—was no longer sustainable. The decision to file for insolvency will effectively halt further cash losses and allow Borosil to reallocate resources and focus on its Indian operations, where the company sees robust demand and supportive policy initiatives.

As of March 31, 2025, Borosil’s exposure in its German subsidiary and step-down subsidiary stood at EUR 35.30 million. While the company will assess the financial impact of the insolvency proceedings in its upcoming quarterly results, it confirmed that it will not record any further losses from GMB post the filing date.

Following standard legal procedure, an insolvency administrator will be appointed by the German court to manage all affairs of GMB, including its liabilities and assets, in the best interests of creditors and stakeholders.

A spokesperson from Borosil stated, “While this has been a difficult but necessary decision, it is aligned with our long-term vision of focusing capital and strategic energy toward markets with more visible growth potential. Our Indian operations remain strong and continue to benefit from policy tailwinds supporting domestic solar manufacturing.”

The company emphasized that despite this setback in Europe, its core operations remain unaffected, and it continues to work closely with stakeholders to ensure minimal disruption.

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