India’s Borosil Renewables has announced the signing of a binding offer for 100% equity in Interfloat Group, Europe’s largest solar glass manufacturer. With this acquisition, Borosil’s solar glass output will grow 66% to 750 tonnes per day (TPD).
The Indian manufacturer currently has a solar glass production capacity of 450 TPD in India, with exports comprising about 16.1% of overall sales. It anticipates attractive future growth in exports to Europe and the USA on the back of an expected rise in the production of solar modules in these markets.
The acquisition of Interfloat will make a broader range of solar glass available to Borosil Renewables’ expanded customer base in Europe. Besides, “Borosil’s expertise in achieving high efficiency in the manufacturing process to enhance throughput and lower costs will bring economies of scale to Interfloat’s expansion and manufacturing plans while reducing the carbon footprint of its European operations,” read a Borosil statement.
Interfloat Group consists of GMB Glasmanufaktur Brandenburg GmbH (GMB), which has a production plant with a current capacity of 300 TPD near Berlin, and Liechtenstein-based Interfloat Corporation, well known as a supplier to the European glass market. Interfloat has been servicing customers in Europe for close to 40 years and has deep-rooted relationships with the glass trade in the region.
Pradeep Kheruka, Executive Chairman of Borosil Renewables Ltd., said, “This acquisition of [Interfloat Group] moves us closer to our vision of being the most customer-centric company in the world. We believe that by leveraging the existing synergies and several complementary skill sets offered by the two companies, we will be able to serve our customers better.”
Christian Kern, Chairman of the Board of Directors, Interfloat Corporation, and former Austrian chancellor, said, “Borosil Renewables, a worldwide innovation leader with a focus on green production of solar panels, is a huge gain for Interfloat and the production in Brandenburg. In such difficult times, when the European industry suffers from soaring gas prices, a strong international partner will ensure the European production of clean energy.”
Kern will remain on the Board of Interfloat.
Borosil is currently expanding its PV glass production capacity in India to 1,000 TPD by September this year. It plans to further grow the capacity to 1,550 TPD by the end of 2023-24, and 2,100 TPD by the end of 2024-25.
The manufacturer will also invest in increasing the capacity at GMB’s Europe plant to 500 TPD by 2023 from the current 300 TPD.
Thus, with about 2,600 TPD manufacturing capacity, Borosil Renewables will be able to supply solar glass for more than 15 gigawatts of solar modules from 2025 while de-risking production from a single location.
Pradeep Kheruka, Borosil Renewables Ltd., said, “With the capacity expansions planned in India and Europe in the near future, we expect to enhance the reliability of our supply chains for our customers. On this journey, our unremitting efforts shall remain focused as always on reducing the overall carbon footprint of our operations.”
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