Indian solar glass manufacturer Borosil Renewables announced that its German arm, GMB Glasmanufaktur Brandenburg GmbH, has filed for insolvency amid prolonged challenges in the European solar manufacturing sector. The company has now decided to focus on the rapidly growing Indian solar sector.
GMB, with a solar glass manufacturing capacity of 350 tonnes per day (TPD), served European PV module manufacturers. However, demand plummeted last year as European solar module manufacturers, including Meyer Berger, started shutting down operations with Chinese manufacturers flooding the European market with low-cost solar modules.
Borosil extended operational and financial support totalling €27 million to GMB, in line with policies announced at EU and Federal level. However, in the absence of any concrete policy support, Borosil opted to exit the operation “to stop haemorrhaging to the tune of € 0.9 million every month.”
“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 P.K Kheruka, Chairman, Borosil Renewables Limited.
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.
“Borosil will have to assess and account for any impact, on account of the aforesaid insolvency resolution process of GMB, in the forthcoming quarterly results. The exposure as of March 31, 2025 in the German subsidiary and step-down subsidiary is Euro 35.30 million,” stated Borosil.
“The move frees up resources and management bandwidth for Borosil Renewables to further scale its core Indian operations, which are experiencing 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 surpassed 90 GW and is expected to rise to 150 GW by March 2027, presenting a strong demand environment for domestic solar glass.”
In May 2025, Borosil announced plans to increase its manufacturing capacity by 600 TPD through two new furnaces, investing approximately INR 950 crore. This would mark a 60% expansion over its current capacity of 1,000 TPD. Moreover, supportive government policy, including the five-year anti-dumping duty introduced in December 2024, is creating a level playing field for Indian manufacturers. Prices for solar glass have strengthened significantly, with Q4 FY25 average ex-factory prices up 28% year-on-year as a result of a gradual increase in the selling prices towards the reference price under Anti-dumping duty measures applicable to imports from China.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.