Borosil Renewables' incoming CEO faces challenge of Chinese dumping, reduced EU demand

The company is witnessing a faster pace of solar installation as demand seems to be revving up, with manufacturing of solar modules having reached 75 GW, and is expected to double to 150 gigawatts in 2-3 years, it said.

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26 Aug, 2025 12:21

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Borosil Renewables has approved the appointment of Melwyn Moses as the Chief Executive Officer with effect from December 02, the company informed stock exchanges on November 27.

Moses is joining Borosil Renewables from UPL Corporation, where he held the position of Global HSE Head and Global Formulations Head. Previously, he was also associated with Merisant, Zeneca and Syngenta, Pepsico India. Moses is a Mechanical Engineering graduate from AK College of Engineering, and has completed a Senior Executive Leadership Program at Harvard Business School.

The company is witnessing a faster pace of solar installation as demand seems to be revving up, with manufacturing of solar modules having reached 75 GW, and is expected to double to 150 gigawatts in 2-3 years, it said. Borosil during its recent earnings call said it is confident of greater share of locally-produced modules, including solar glass.

The company has been facing challenges from cheaper Chinese imports, after several domestic solar PV module manufacturers stocked up cheaper solar glass from China before the implementation of a 10% Basic Custom Duty in September. Imports in September rose to 5x of the volume imported during FY24, which the company said is causing a huge challenge in procurement from September onwards, as buyers are holding excess inventory.

Subsequently, Borosil Renewables had sought an anti-dumping investigation on dumping of solar glass from China and Vietnam. The DGTR, based on preliminary findings, had recommended provisional anti-dumping duty pending completion of the investigation on November 5.

There have been headwinds in Europe as well, with Borosil Renewables' German operations facing reduced demand after EU's recommendations on domestic manufacturing of modules have been adopted by France, Italy and Austria.

Track standalone quarterly numbers for Borosil Renewables here.

The Borosil Group, which operates in glassware, laboratory equipment and solar glasses, is expecting to double its revenue to Rs 7,000 crore in the next four years, led by double-digit growth from across its business verticals, Executive Vice Chairman Shreevar Kheruka had recently said.