India’s Borosil Renewables has announced the acquisition of 86% stake in Interfloat Group, Europe’s largest solar glass manufacturer, through its overseas wholly-owned subsidiaries.
The Interfloat Group is based in Germany and Lichtenstein and has been serving customers in the solar industry since 2008. It consists of GMB Glasmanufaktur Brandenburg GmbH (GMB), which has a production plant with a capacity of 300 tonnes per day (as of April 2022) near Berlin, and Liechtenstein-based Interfloat Corporation, well known as a supplier to the European glass market.
GMB operates a solar glass plant with a production capacity of 300 tonnes per day (tpd). With its acquisition of the Interfloat Group, Borosil Renewables’s solar glass manufacturing capacity will grow to 750 tpd from the current 450 tpd, an increase of 66%. This capacity of the combined entity will further increase to 1,300 tpd in the next two months with the commissioning of a new furnace with a capacity of 550 tpd in India.
This acquisition will make a wider range of solar glass available to BRL’s expanded customer base in Europe. Borosil leverages its highly efficient production technology to bring greater productivity and a lower carbon footprint to the European entity
“The overseas wholly owned subsidiaries of the Company [Borosil Renewables], namely, Geosphere Glassworks GmbH and Laxman AG, have completed the acquisition of 86% stake in GMB Glasmanufaktur Brandenburg GmbH (GMB) and Interfloat Corporation (Interfloat), respectively. Consequently, both GMB and Interfloat have become step-down subsidiary companies of the company,” stated Borosil Renewables in a stock exchange filing.
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,” stated Borosil earlier.
Borosil Renewables plans to further grow its India capacity from 1,000 tpd as of December end to 2,100 tpd in CY 2024.
“Furthermore, Borosil is committed to investing in manufacturing in Europe and will be increasing capacity at GMB’s Tschernitz plant at an appropriate time in the near future. This means that BRL and Interfloat will be able to supply significantly higher volumes of solar glass to their present and new customers by improving the serviceability as a result of the production from two locations now,” stated the company.
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