India's Borosil purchases 86% of solar glass maker Interfloat Group
- India's Borosil Renewables Ltd (BSE: BORORENEW) has completed the procurement of a 86% risk in Interfloat Group, Europe's biggest supplier of solar glass.
Interfloat Group consists of Germany-based GMB Glasmanufaktur Brandenburg GmbH, which runs a solar glass plant with a manufacturing capacity of 300 tonnes each day, as well as Interfloat Corp, based in Liechtenstein.
Borosil Renewables claimed in a bourse filing on Friday that the obtained entities have actually become its step-down subsidiaries, effective instantly. The Indian company has performed the purchase through its German units Geosphere Glassworks GmbH as well as Laxman AG.
When the deal was initially revealed in April, Borosil said it would certainly pay EUR 24.91 million (USD 24.5 m) in cash, plus extra performance-based consideration. The value of the whole investment was not revealed.
The offer will certainly elevate Borosil's solar glass output to 750 tonnes daily from the present 450 tonnes each day. It additionally backs the Indian maker's goal to get to 1,550 tonnes daily by the end of 2023/24 and 2,100 tonnes daily by the end of 2024/25.
The gotten business created revenue of regarding EUR 60 million in 2021.