Large capacity addition in solar modules by 15-20 players is likely to drive domestic solar glass demand, say CRISIL analysts in an interview with pv magazine. New players have expressed interest to set up solar glass manufacturing in India, however, import duty removal last year on solar tempered glass has put them in a wait and watch mode.
The Indian solar glass manufacturer recorded a net profit (profit after tax) of INR 88.54 crore in FY 2023, a decrease of 47% over FY 2022.
Borosil Renewables said the solar glass capacity of its German arm GMB Glasmanufaktur Brandenburg GmbH has increased to 350 tonnes per day (tpd) from 300 tpd following the modification and cold repair of its furnace.
Triveni Glass is the latest to venture into solar glass production after Asahi India Glass, Gold Plus Glass Industry, and Chiripal Group. It plans an 840tpd factory with an estimated investment of INR 1,000 crore.
Gujarat-based Borosil Renewables has started trial production from its third solar glass furnace, raising its capacity in India to 1,000 tons per day (tpd). Its cumulative solar glass capacity has reached 1,300 tpd, which includes 300 tpd in Germany added through the acquisition of Interfloat Group.
Borosil Renewables had signed a binding offer for 100% equity in Interfloat Group, Europe’s largest solar glass manufacturer, in April this year.
Borosil Renewables, an Indian solar glass manufacturer, has recorded net sales of around INR 644 crore ($83 million) for fiscal 2021-22. It operated almost at full capacity throughout the year and sold out of everything it produced.
With this acquisition, the Indian manufacturer’s solar glass output will grow to 750 tonnes per day (TPD) from the current 450 TPD.
The solar panel glass manufacturer expects strong growth in demand for its products at home and abroad with a significant rise expected in the production of PV modules in the USA and Europe.
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