Latest news with #InsO
Mint
6 days ago
- Business
- Mint
Borosil Renewables German arm files for insolvency
New Delhi, Jul 7 (PTI) Borosil Renewables on Monday announced that its German subsidiary GMB Glasmanufaktur Brandenburg GmbH has filed for insolvency under German Insolvency Code (InsO) before the jurisdictional court at Cottbus. Borosil Renewables Ltd is listed on the BSE as well as the NSE. The decision follows a prolonged period of deteriorating market conditions in the European solar manufacturing ecosystem and reflects the company's intent to sharpen strategic focus on the rapidly growing Indian solar sector, the company said in a statement. Borosil Renewables Ltd has announced that its German subsidiary, GMB Glasmanufaktur Brandenburg GmbH, has filed for insolvency under German Insolvency Code (InsO) before the jurisdictional court at Cottbus, according to the statement. GMB, with a capacity of 350 tonnes per day (TPD), had served European manufacturers of solar modules for their requirements of solar glass. However, it stated that demand erosion became drastic last year, as Chinese manufacturers flooded the European market with severely underpriced solar modules. European solar module manufacturers, amongst them stellar names like Meyer Berger started closing down. Demand for solar glass dropped precipitously, as module manufacturers started shutting down. "This decision reflects our clear-eyed view of where the future lies and the confidence we have in India's solar manufacturing story. With this step, we deepen our commitment to building scale and excellence in India, where the potential is vast, the policies are enabling, and the momentum is real. It is a forward-looking decision made with the long-term in mind," Borosil Renewables Ltd Chairman P Kheruka said in the statement. In the event, from July 4, 2025 -- the date of the insolvency filing -- GMB's operations will be overseen by a court-appointed administrator in Germany. Borosil will no longer account for GMB's financial losses, which had amounted to approximately ₹ 9 crore per month. Borosil will have to assess and account for any impact, on account of the aforesaid insolvency resolution process of GMB, in the forthcoming quarterly results, as per the statement.
Time of India
06-07-2025
- Business
- Time of India
GMB insolvency: Borosil exits loss-making German unit GMB, focus shifts to India's booming solar glass market
Borosil Renewables has moved to exit its German solar glass business, with its step-down subsidiary GMB Glasmanufaktur Brandenburg GmbH filing for insolvency, as the company shifts focus to the fast-growing Indian solar glass market. In a regulatory filing, Borosil said GMB has applied for the commencement of insolvency proceedings before the Insolvency Court in Cottbus, Germany, under the German Insolvency Code (InsO). The decision follows a comprehensive assessment of market viability, strategic priorities, and continued losses caused by plunging demand, PTI reported. "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," Borosil said. The company added that despite repeated warnings from German solar module makers, authorities had not taken meaningful protective action. This policy vacuum forced several German manufacturers to shut down or enter insolvency, leading to the collapse of demand for solar glass locally manufactured by GMB. As a result, GMB — once a vital part of Borosil's global footprint with a 350-tonne-per-day production capacity — reported substantial losses, adversely impacting Borosil's consolidated financials. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Quanto costa trasformare la vasca in doccia? Remail Scopri Undo Borosil's total exposure to its German operations stood at €35.3 million, or around Rs 340 crore, as of March 31, 2025. Effective July 4, 2025 — the date of the insolvency filing — Borosil will no longer account for GMB's monthly losses. Analysts noted that it allows Borosil to stem the capital bleed from a structurally declining market and redirect resources toward its home base in India, where solar power growth is surging. India presents a compelling growth story, one analyst said, quoted PTI citing aggressive solar capacity additions, strong infrastructure demand, and supportive policies such as production-linked incentives (PLI) and the Approved List of Models and Manufacturers (ALMM). India's solar module manufacturing capacity has already crossed 90 gigawatts and is expected to reach 150 gigawatts by March 2027, creating massive potential for domestic solar glass makers. Borosil aims to double down on its solar glass innovation, manufacturing scale, and ESG-aligned clean energy strategy. In May, it announced a Rs 950 crore investment to expand capacity by 600 tonnes per day by setting up two new furnaces of 300 TPD each — a 60% increase from its current 1,000 TPD base. The recent imposition of a five-year anti-dumping duty on solar glass imports from China and Vietnam, effective December 4, 2024, has created a more level playing field for Indian producers. This has already reflected in improved price realisations: average ex-factory selling prices for solar glass in Q4 FY25 rose to Rs 127.6 per millimetre per square metre from Rs 99.6 a year ago — a 28% jump. With its strategic pivot complete, Borosil is now positioned to consolidate its leadership in India's solar glass industry amid favourable policy tailwinds and growing market demand. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
&w=3840&q=100)
Business Standard
06-07-2025
- Business
- Business Standard
Borosil Renewables to wind up German unit, focus on Indian solar glass
Borosil Renewables has filed an application to wind up operations of its German subsidiary to sharpen focus on the Indian solar glass market with immense potential. 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.)
Time of India
06-07-2025
- Business
- Time of India
Borosil Renewables files application to fold up German subsidiary; to focus on Indian solar glass mkt
Borosil Renewables has filed an application to wind up operations of its German subsidiary to sharpen focus on the Indian solar glass market with immense potential. 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. Live Events 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 Rs 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 Rs 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 Rs 127.6 per millimetre per square metre as compared to Rs 99.6 per millimetre per square metre in the same period in FY24, translating into an increase of 28 per cent.
