Borosil Renewables' German Unit Files for Insolvency

New Delhi, Jul 7 (PTI) Borosil Renewables on Monday announced that its German subsidiary GMB Glasmanufaktur Brandenburg GmbH has filed for insolvency under German Insolvency Code (InsO) before the jurisdictional court at Cottbus.

Borosil Renewables Ltd is listed on the BSE as well as the NSE.

The decision follows a prolonged period of deteriorating market conditions in the European solar manufacturing ecosystem and reflects the company's intent to sharpen strategic focus on the rapidly growing Indian solar sector, the company said in a statement.

Borosil Renewables Ltd has announced that its German subsidiary, GMB Glasmanufaktur Brandenburg GmbH, has filed for insolvency under German Insolvency Code (InsO) before the jurisdictional court at Cottbus, according to the statement.

GMB, with a capacity of 350 tonnes per day (TPD), had served European manufacturers of solar modules for their requirements of solar glass.

However, it stated that demand erosion became drastic last year, as Chinese manufacturers flooded the European market with severely underpriced solar modules.

European solar module manufacturers, amongst them stellar names like Meyer Berger started closing down.

Demand for solar glass dropped precipitously, as module manufacturers started shutting down.

"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," Borosil Renewables Ltd Chairman P Kheruka said in the statement.

In the event, 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, which had amounted to approximately Rs 9 crore per month.

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, as per the statement.