By Business India Editorial

Borosil Renewables Ltd, the country’s first and only solar glass manufacturer and part of the Borosil Group, acquired 86 per cent stake in InterFloat Group, the largest solar glass manufacturer in Europe. 

“By leveraging the existing synergies and several complementary skill sets offered by the two companies, we will be able to serve our customers better. We strongly believe that this acquisition moves us closer to our vision of being the most customer-centric company in the world,” said Pradeep Kheruka, Executive Chairman, Borosil Renewables. 

He added the extreme crisis now being faced in Europe and across the world from sudden disruption in the supply of natural gas has given great impetus to the urgent requirement for solar installations, and the demand for domestically manufactured solar PV modules has increased significantly leading to a higher demand for solar glass by our European customers. 

Interfloat Group consists of two companies — GMB Glasmanufaktur Brandenburg GmbH (GMB), based in Tschernitz, Germany, and Interfloat Corporation, based in Liechtenstein. 

“In spite of the fact that the manufacturing industry in Europe is experiencing severe stress currently owing to high energy prices, geopolitical uncertainty as well as a potential upcoming recession, BRL’s board believes that the position that Interfloat/GMB commands as a high quality producer of solar glass should strengthen BRL’s global market position in the long run,” the company said in a statement.

GMB is the largest producer of textured tempered solar glass in Europe with a current manufacturing capacity of 300 TPD. Interfloat has been servicing customers in Europe for 40 years and has relationships with the glass trade in the region. 

The company said its intention is to strengthen market leadership established by Interfloat by meeting the demand of its European customers more efficiently. 

With this acquisition, BRL’s combined manufacturing capacity in India and Europe would be available to meet a wide range of requirements including size, varying textures, coatings, dimensions, and thickness. 

Borosil Renewables is implementing an expansion plan in India which will take the manufacturing capacity to 1000 TPD in Q4 CY2022. It plans to add capacity with the next expansion growing to 2,100 TPD in CY2024. The firm said it 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.