Mumbai: Borosil Renewables Limited has announced on Monday that its German subsidiary, GMB Glasmanufaktur Brandenburg GmbH, has filed for insolvency, marking the company’s formal exit from the struggling European solar glass market and a renewed focus on India’s fast-growing solar manufacturing ecosystem.
The insolvency filing was made on July 4 under Germany’s Insolvency Code at the jurisdictional court in Cottbus. The company said this move was necessitated by sustained financial losses at GMB — roughly EUR 0.9 million per month — caused by a sharp demand collapse in Europe as Chinese solar module manufacturers undercut local players, leading to shutdowns by customers like Meyer Burger.
Borosil said it had extended operational and financial support worth EUR 27 million to GMB, but in the absence of adequate policy support from European authorities, continuing operations had become untenable.
“The Indian market requires close attention and is presenting opportunities for expansion and development,” the company said, adding that the insolvency will free up resources and management bandwidth for its core Indian operations. Chairman PK Kheruka said the decision reflects a “clear-eyed view of where the future lies” and called India’s solar manufacturing story “robust, policy-enabled, and real.”
From the date of the filing, GMB’s operations will be overseen by a court-appointed administrator. Borosil will no longer consolidate GMB’s financials, which had been contributing losses of approximately Rs 9 crore per month. As of March 31, 2025, the company’s exposure to its German and step-down subsidiary stood at EUR 35.3 million.
The company is now doubling down on India, where solar module manufacturing capacity has surpassed 90 GW and is expected to hit 150 GW by March 2027. Borosil had in May announced plans to invest Rs 950 crore to expand its solar glass manufacturing capacity by 600 tonnes per day (TPD), a 60 percent increase over its current 1,000 TPD.
Supportive policy, including the five-year anti-dumping duty introduced in December 2024 on solar glass imports from China and Vietnam, has improved market conditions. Average ex-factory prices rose 28 percent year-on-year in Q4 FY25, driven by alignment to reference prices under the anti-dumping framework.
Borosil Renewables, India’s largest solar glass manufacturer, said it remains committed to innovation and long-term value creation as part of the country’s clean energy transition.
