Borosil Renewables Closes Acquisition Of Solar Glass Maker Interfloat

• Borosil Renewables' acquisition of 86% risk in the Interfloat Group is done through its abroad wholly-owned subsidiaries.
• Interfloat Group contains two firms-- GMB Glasmanufaktur Brandenburg GmbH (GMB) as well as Interfloat Corporation.

Mumbai-based solar glass manufacturer Borosil Renewables Ltd (BRL) and EU-based Interfloat Group revealed the Borosil Renewables' acquisition of 86% risk in the Interfloat Group, via its abroad wholly-owned subsidiaries.

GMB operates a solar glass plant with a production capacity of 300 TPD (Tonnes per Day). With its acquisition of the Interfloat Group, BRL's solar glass production capacity will expand to 750 TPD from the existing 450 TPD, a rise of 66%. This capacity of the mixed entity will better raise to 1,300 TPD in Q4 CY2022 with the commissioning of a new furnace with a capacity of 550 TPD in India.

This acquisition will make a wider variety of solar glass available to BRL's increased customer base in Europe.

The official statement held that Interfloat Group consists of 2 companies-- GMB Glasmanufaktur Brandenburg GmbH (GMB) and Interfloat Corporation. GMB is the largest producer of textured solidified solar glass in Europe with an existing manufacturing capacity of 300 TPD. Interfloat has actually been servicing customers in Europe for close to 40 years. Borosil Renewables' Board believes that the placement that Interfloat/GMB commands as a high-quality manufacturer of solar glass must reinforce BRL's international market position in the future.

Shreevar Kheruka, Vice Chairman at Borosil, had actually indicated the same to SaurEnergy at REI 2022 recently too.

Due to glass leakage around the melting area of the heating system at the solar glass production facility of GMB, the acquisition deal was held off given that August till the assessment of the damage has actually been made and any effect to the suggested transaction has been evaluated.

Advancing the EU Strategy

The EU solar power strategy recommended under the REPowerEU strategy intends to make solar energy a cornerstone of the EU energy system as well as consists of a solar power strategy that aims to bring about 320 GW of solar photovoltaic by 2025 and virtually 600 GW by 2030. This will unavoidably cause rapid growth sought after for solar glass across Europe in the future, stated the Indian company.

Borosil wants to reinforce the market leadership developed by Interfloat by meeting the ever-evolving demands of its European customers a lot more efficiently. With this acquisition, the combined manufacturing capacity of Borosil, it claims, in India and also Europe would be available to satisfy a wide range of demands consisting of sizes varying textures, coatings, dimensions, and also thickness.

Borosil held that the acquisition will certainly likewise accelerate financial investments in new products and technology development benefiting customers.

This expansion of Borosil that is currently underway in India will certainly take the production capacity to 1000 TPD in the last quarter of 2022. It intends to add further capacity with the following development expanding to 2,100 TPD in 2024. Borosil is also devoted to buying manufacturing in Europe and also will be increasing capacity at GMB's Tschernitz plant at an appropriate time in the future.

Pradeep Kheruka, Executive Chairman, Borosil Renewables, claimed, "The demand for locally manufactured solar PV modules has actually enhanced significantly leading to a higher demand for solar glass by our European customers. In the light of substantial growth in our capacity in India, we anticipate to enhance the reliability of our supply chains for our customers."

Christian Kern, Member of the Board of Directors of Interfloat Corporation, said, "The requisition of the Interfloat Group by Borosil is a payment to the long-term protecting of manufacturing and also tasks at the Chernitz site. With GMB, the EU's only maker of solidified solar glass is thus enhanced as well as made suitable for the future. With its proficient work in a region specifically influenced by structural modification, GMB is and also will certainly stay a vital economic consider Brandenburg's Lausitz area."