Borosil Renewables to Spend Rs 500 Cr to Double Solar Glass Production

• Borosil Renewables has prepare for doubling its capacity of solar glass producing to 900 tonnes daily with a financial investment of Rs 500 crore.

Borosil Renewables, the only domestic manufacturer of solar panel glass, has actually revealed its plans for doubling its capability to 900 tonnes per day with a scheduled investment of Rs 500 crore. The renewable endeavor of the Borosil Group currently has a 450-tonne daily photovoltaic panel glass manufacturing ability at its Baruch plant in Gujarat, which suffices to power 2.5 GW of solar energy plants.

With the brownfield growth at the Barauch plant in Gujarat, the ability will certainly leap to 900 tonnes per day or 5 GW of the installable capacity of solar energy plants. The brand-new plant, at an investment of Rs 500 crore, should be up and running by July 2022, and also this is the 2nd increasing of its capability in the past 5 years, Shreevar Kheruka, the handling supervisor of Borosil Group was quoted by neighborhood reporters.

Borosil Renewables has plans for doubling its capability of solar glass producing to 900 tonnes daily with an investment of Rs 500 crore.

Borosil Renewables, the only residential maker of photovoltaic panel glass, has actually announced its prepare for doubling its capacity to 900 tonnes per day with a scheduled investment of Rs 500 crore. The renewable endeavor of the Borosil Group currently has a 450-tonne each day photovoltaic panel glass production ability at its Baruch plant in Gujarat, which suffices to power 2.5 GW of solar energy plants.

With the brownfield development at the Barauch plant in Gujarat, the capability will jump to 900 tonnes per day or 5 GW of the installable capacity of solar power plants. The new plant, at a financial investment of Rs 500 crore, need to be up and running by July 2022, as well as this is the 2nd increasing of its ability in the past 5 years, Shreevar Kheruka, the managing director of Borosil Group was priced quote by neighborhood reporters.

This is the second doubling of capacity enhancement in five years after the Rs 235 crore growth in 2016. Kheruka is confident of the business greater than increasing the topline in the just ended FY21 at Rs 500 crore, from Rs 240 crore in FY20, along with a fatter bottomline, which he did not quantify. For the moms and dad Borosil, he anticipates a flat topline of Rs 600 crore given the loss of organization in the very first fifty percent.

In the solar panel glass organization, which is around the world managed by China with around 90 percent market share, Borosil satisfies 40 percent of the residential demand of 650 tonnes glasses per day, while the remainder is imported from China and Malaysia. Kheruka additionally told reporters that the business exports almost 20 percent of its existing solar panel glass capability to Europe, with main emphasis being Germany, Spain, Portugal Russia and also Turkey, as well as likewise the US.

Earlier this month, we had reported that the Ministry of Financing had actually formally notified the levy of countervailing task (CVD) on the expense, insurance policy, as well as freight (CIF) worth on the imports of distinctive and also solidified (whether covered or uncoated) glass from Malaysia. The relocation complied with a recommendation from the country's DGTR (Directorate General of Profession Remedies) in December last year, when it had actually suggested a 9.71 percent CVD adhering to a problem by Borosil Renewables.

The company had filed an application prior to the DGTR for the charge of countervailing task on imports of textured toughened (tempered) glass from Malaysia, alleging that the manufacturers of toughened up glass in Malaysia had gained from aids supplied at numerous levels by the federal government of Malaysia as well as other public bodies.

In December 2020, the firm had raised Rs 200 crore by issuing 1.58 crore shares through qualified institutional positioning (QIP).