The German subsidiary of India’s largest makers of solar glass panels, Borosil Renewables has filed for insolvency citing 'deteriorating market conditions' in the European solar manufacturing ecosystem, the company informed on July 7, sending shares of the parent higher by 4 percent as the unit's financial loss of Rs 9 crore per month will now no longer be accounted.
The management said it intends to now focus on Indian market which is growing at a faster rate. "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."
"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 INR 9 crore per month," the company statement said.
Borosil said it will assess and account for any impact on account of the insolvency resolution process of GMB in its forthcoming quarterly results. The exposure to the German subsidiary stands at Euro 35.30 million as of March 2025.
"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”, said PK Kheruka, Chairman, Borosil Renewables.
Borosil Renewables blamed the 'absence of clear policy announcements and support' for the decision, who left it with fewer options than to 'stop hemorrhaging to the tune of Euro 0.9 million every month'. Instead, it will choose to focus efforts on the Indian market which requires close attention and is presenting opportunities for expansion and development, it added.
The decision frees up resources and management bandwidth for Borosil Renewables to further scale up its core Indian operations, which the management said are seeing 'robust demand, policy tailwinds, and improving pricing environment following the imposition of anti-dumping duties on imports from China and Vietnam'.
India’s solar module manufacturing capacity has already crossed 90 GW and is expected to
rise to 150 GW by March 2027, which Borosil RE said is a strong demand environment for domestic solar glass. During May 2025, Borosil had announced plans to ramp up manufacturing capacity by 600 TPD at an investment of nearly Rs 950 crore, marking a 60% expansion over its current capacity.
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