&w=3840&q=100)
Borosil Renewables to wind up German unit, focus on Indian solar glass
In a regulatory filing, Borosil Renewables Ltd said its material step-down subsidiary in Germany, GMB Glasmanufaktur Brandenburg GmbH, has filed an application for the commencement of insolvency proceedings before the Insolvency Court at Cottbus, Germany, in accordance with the German Insolvency Code (InsO).
This decision was reached after a comprehensive assessment of market conditions, financial viability, and long-term strategic priorities.
"The challenges for GMB began with slide in demand for German made solar panels, when faced with the precipitous drop in prices by Chinese manufacturers of solar panels, who have engaged in large scale dumping in the European market, using predatory pricing.
"Despite the alarms sounded by the German solar module manufacturers seeking protection against such dumping, policy responses to date have been insufficient," the filing said.
Lack of meaningful protective measures by the authorities concerned has led to the shutdown of major solar module manufacturers in Germany, with some of them filing for the commencement of insolvency proceedings.
Eventually, this resulted in the disappearance of the market demand for solar glass manufactured by GMB, causing substantial losses to GMB, which has affected the consolidated financials of the company, it said.
The company/GMB has approached the authorities concerned to get some quick measures in place.
GMB (capacity of 350 tonnes per day) was once a vital part of Borosil's global footprint, serving the European solar glass market. However, since the second half of 2023, the landscape changed dramatically.
A significant increase in low-cost solar panel imports from China created unprecedented pricing pressure, leading to a rapid decline in demand for German-made modules and, consequently, for locally produced solar glass. Lack of meaningful protective measures by the authorities has led to the shutdown of major solar module manufacturers in Germany, with some of them filing for the commencement of insolvency proceedings.
As of March 31, 2025, Borosil's total exposure to GMB and its associated German entities stood at 35.30 million euros, or approximately ₹340 crore. This includes both capital investments and loans extended over time to sustain German operations.
From the date of the insolvency filing (July 4, 2025), Borosil will no longer account for GMB's monthly losses.
Analysts said the insolvency filing will lead to sharper focus on Indian operations that are witnessing significant tailwinds.
The move allows Borosil Renewables to halt capital bleed in a structurally declining market and reallocate resources toward its growth nucleus: India.
India presents a compelling growth story driven by sizeable addition to solar power capacity every year, strong demand for solar infrastructure, supportive government policy (including PLI schemes and ALMM for modules and cells), and a favourable cost base.
Manufacturing capacity for solar modules has already reached 90-plus gigawatts and is expected to rise to 150 gigawatts by March 2027. Thus, there is a huge scope for capacity addition and import substitution.
With this pivot, Borosil aims to double down on its leadership in solar glass innovation, manufacturing scale, and ESG-driven clean energy technologies, they said.
In May this year, Borosil Renewables announced its plan to raise production capacity for solar glass by 600 tonnes per day, by setting up two furnaces of 300 TPD each at an estimated cost of ₹950 crore.
This translates into significant capacity addition of 60 per cent, considering Borosil's existing manufacturing capacity of 1,000 TPD. The imposition of anti-dumping duty for a period of five years, effective from December 4, 2024, on the import of solar glass from China and Vietnam is leading to a level playing field for domestic manufacturers.
This policy measure is anticipated to foster rapid and significant growth in domestic solar glass manufacturing.
The imposition of anti-dumping duty has also led to a significant improvement in domestic prices for solar cells. For example, average ex-factory selling prices for solar glass during Q4 FY25 were about ₹127.6 per millimetre per square metre as compared to ₹99.6 per millimetre per square metre in the same period in FY24, translating into an increase of 28 per cent.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Time of India
18 minutes ago
- Time of India
JSW Group to increase stake in JSW MG Motor India amid SAIC's exit from Indian Market
JSW Group plans to raise its stake in JSW MG Motor India , its car manufacturing joint venture with SAIC Motor . The Chinese company has decided against committing further capital to India, instead prioritising investments at home and in Europe. Parth Jindal, director of JSW MG, told ET the group wants to come in as the single largest shareholder in the maker Hector SUV and Windsor EV . Currently, JSW MG is a 51:49 joint venture, with JSW owning 35 per cent, Indian financial institutions 8 per cent, MG Motor India dealers 3 per cent, and JSW MG Motor India employees 5 per cent. The remaining 49 per cent is with SAIC, which will continue to extend technology and brand support, he added. Alongside, the Sajjan Jindal-led group has finalised two separate licensing pacts—one each for electric passenger and commercial vehicles—with Chinese automakers, as it pushes ahead with its ambition of emerging as a full-spectrum electric mobility company. Jindal didn't name the Chinese firms. 'SAIC has made it clear they are not committing additional capital to India right now. Their focus is China and Europe. We have put our hands up, saying we would be interested in investing… Their stake would get diluted,' he said, adding that the additional stake purchase would be funded through internal accruals. On the size of JSW's stake in the automaker post the infusion and the timeframe, Jindal said, 'Those talks are still on, but we want to come in as a clear, single largest shareholder." Jindal was speaking on the sidelines of the inauguration of MG Select, JSW MG's first exclusive EV showroom for its premium offerings. The company is expanding its EV footprint as part of its localisation and brand development efforts. It plans to open 13 more Select outlets over the next year. Simultaneously, JSW is proceeding with plans to launch its own EVs in the coming years. Its electric trucks and buses are slated to debut in early 2026, and electric passenger cars in the first half of 2027. The conglomerate has signed non-equity licensing deals for both ventures with Chinese automakers, involving upfront fees and per-unit royalties, while committing to full localisation in India. 'There is no equity arrangement. It's a pure licensing agreement. We will pay a licensing fee and royalty per vehicle but will localise production from the start,' said Jindal. He said the commercial vehicle range will sport a new brand name, while passenger EVs will be sold under the JSW brand. A dedicated manufacturing facility for the former is under development. JSW is forging licensing agreements with Chinese automakers amid longstanding geopolitical tensions with Beijing. The latter has recently curbed exports of rare earth magnets to India, crucial for industries like automobiles and consumer electronics. 'One thing is very clear—the technology for affordable new energy vehicles resides in China. No other country can match what they've achieved. That said, we're aware of the geopolitical tensions, which is why we're focusing on localising manufacturing,' said Jindal. 'The partnerships we've entered are strictly for technology licensing- —to get the know-how, not to rely on imports," he said. For instance, he said, the Windsor EV was launched with less than 30 per cent localisation but by this year-end, it will touch 72 per cent, and the plan is to take it close to 90 per cent.


India Gazette
18 minutes ago
- India Gazette
Indian banks' systemic deposit growth gain momentum but NIM likely to dip 30bps (YoY): Report
New Delhi [India], July 10 (ANI): The Indian banking sector is witnessing a steady pickup in deposit growth, but banks are likely to report a decline in their net interest margins (NIM) in the first quarter of FY26, according to a report by Phillip Capital. The report noted that systemic deposit growth is gaining momentum, helping improve the credit-to-deposit ratio. Based on business updates released so far, the overall credit growth stands at 0.4 per cent on a sequential basis. It stated 'banking universe will see 1 per cent yoy (-1.5 per cent qoq) growth in NII. Sector NIM will decline 10bps qoq /30bps yoy as cost of funds remains stable' The report highlighted muted growth in Net Interest Income (NII) across the banking sector due to weak credit expansion. Overall NII is projected to grow just 1 per cent year-on-year (YoY) and decline by 1.5 per cent QoQ. Sector-wide NIM is expected to decline by 10 basis points (bps) QoQ and 30bps YoY as the cost of funds stays largely stable and returns from repo-linked loans decline. However, it also noted that the private sector banks have shown stronger performance with loan growth of 0.5 per cent quarter-on-quarter (QoQ) and deposit growth of 1.3 per cent QoQ. As a result, their credit-to-deposit ratio stands at 92 per cent, reflecting a decline of 0.8 per cent QoQ. In contrast, public sector banks (PSBs) posted a modest 0.2 per cent QoQ loan growth, while their deposit levels remained flat. The credit-to-deposit ratio for PSBs remained stable sequentially at 78%. Private banks are likely to record a 1.9 per cent YoY decline and a 0.8 per cent QoQ drop in NII. Meanwhile, PSBs may witness a 0.3 per cent YoY decline and a sharper 2.4 per cent QoQ fall in NII. On the profitability front, banks are expected to report modest growth in profit after tax (PAT), supported by lower credit costs. Overall PAT is forecast to grow 3.5 per cent YoY and 0.8 per cent QoQ. Among segments, PSBs may post a 7 per cent YoY rise in PAT but a 4.1 per cent QoQ decline, while private banks could register 1.4 per cent YoY and 4.2 per cent QoQ growth. Credit costs are seen normalizing, aided by improving asset quality. The report estimated credit cost at 59bps for Q1FY26, down from 64bps in Q4FY25 but up from 52bps in Q1FY25. The report outlined that while the deposit momentum is positive, the pressure on margins and core earnings will be a key watchpoint for the banking sector in the upcoming quarterly results. (ANI)


United News of India
28 minutes ago
- United News of India
IndiGo Ventures takes flight with first close of its fund at Rs 450 crore; makes debut investment in Jeh Aerospace
Hyderabad, July 9 (UNI) IndiGo Ventures, the corporate venture capital arm of India's preferred airline IndiGo, today announced the first close of its maiden fund at Rs 450 crore. This is IndiGo Ventures' first investment in Jeh Aerospace, a Hyderabad-based startup reimagining aerospace component supply chains through precision engineering, cost-efficient manufacturing, and seamless digital integration. In August last year, IndiGo Ventures, launched with regulatory approval from SEBI to raise Rs 600 crore, is focused on investing in early-stage startups driving innovation in aviation and allied sectors. The fund targets companies at the pre-Series A to Series B stages, with an emphasis on long-term strategic alignment, the company said in a release. This first close and investment marks a significant step in IndiGo's broader innovation agenda—combining operational expertise with capital to empower entrepreneurs solving critical challenges in aerospace and related domains. Coinciding with this milestone, the firm has also approved its first investment in Jeh Aerospace (for an undisclosed amount), one of the fastest-growing aerospace startups focused on high-precision aerospace and defence manufacturing. Within its first year of operations, Jeh Aerospace has scaled to a 100-member team of specialised engineers and technicians, delivered 100,000 flight-critical aeroengine components and precision tools meeting AS9100 standards, and secured $100 million in long-term contracts with global aerospace companies. Pieter Elbers, Chief Executive Officer at IndiGo, said: 'Through IndiGo Ventures, we are excited to partner with Jeh Aerospace, a homegrown brand that shares our vision and spirit of strengthening the Indian aviation ecosystem. This investment also strengthens the Indo-U.S. aerospace ties, advances Make-in-India and accelerates innovation, contributing to realising India's potential to become a global aerospace and aviation hub.' Vishal R. Sanghavi, Co-founder & CEO, Jeh Aerospace, said: 'This investment empowers us to scale production capacity to meet growing demand from our global customers, ensuring flawless, on-time delivery of high-precision components'. Despite India being one of the world's fastest-growing aviation markets, the country is still a small player in the global aerospace manufacturing industry, highlighting a significant gap in domestic manufacturing capacity. Jeh will deploy the investment to scale its advanced digital manufacturing infrastructure, enhance its AI-driven production optimisation and deep supply chain integration platforms, and attract world-class engineering and production talent. Founded by industry veterans Vishal Sanghavi and Venkatesh Mudragalla—alumni of Tata's aerospace joint ventures with Boeing, Lockheed Martin, and Sikorsky—Jeh Aerospace combines deep sectoral expertise with sharp operational execution. UNI KNR RN