Borosil Renewables Ltd has announced that its German subsidiary, GMB Glasmanufaktur Brandenburg GmbH, has filed for insolvency under the German Insolvency Code (InsO) before the jurisdictional court in Cottbus.
The decision comes after a prolonged period of unfavorable market conditions in Europe’s solar manufacturing sector. According to Borosil Renewables, this move is part of a larger strategic shift to focus on the fast-growing Indian solar market.
GMB, which has a production capacity of 350 tonnes per day, was a key supplier of solar glass to European solar module manufacturers. However, the European market witnessed a sharp drop in demand last year after Chinese manufacturers entered with heavily underpriced solar modules. As a result, several leading European companies, including Meyer Burger, began shutting down their operations, causing a major dip in solar glass demand.
“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 Borosil Renewables Ltd Chairman P Kheruka.
Borosil Renewables, which is listed on both the BSE and NSE, also stated that following the insolvency filing, it will no longer need to account for GMB’s financial losses, which were around ₹9 crore per month. However, Borosil Renewables will evaluate and report any impact from the insolvency process in its upcoming quarterly financial results.
Also read: Viksit Workforce for a Viksit Bharat
Do Follow: The Mainstream formerly known as CIO News LinkedIn Account | The Mainstream formerly known as CIO News Facebook | The Mainstream formerly known as CIO News Youtube | The Mainstream formerly known as CIO News Twitter |The Mainstream formerly known as CIO News Whatsapp Channel | The Mainstream formerly known as CIO News Instagram
About us:
The Mainstream formerly known as CIO News is a premier platform dedicated to delivering latest news, updates, and insights from the tech industry. With its strong foundation of intellectual property and thought leadership, the platform is well-positioned to stay ahead of the curve and lead conversations about how technology shapes our world. From its early days as CIO News to its rebranding as The Mainstream on November 28, 2024, it has been expanding its global reach, targeting key markets in the Middle East & Africa, ASEAN, the USA, and the UK. The Mainstream is a vision to put technology at the center of every conversation, inspiring professionals and organizations to embrace the future of tech.
