Borosil Renewables, a solar glass manufacturer based in India, announced the acquisition of a 100 per cent share capital of Interfloat Corporation and Glasmanufaktur Brandenbur (GMB), both of which operate in the solar glass manufacturing, sales, and distribution business in Europe, for a cash consideration and shares equivalent of $56.6 million. The board of directors of Borosil Renewables approved the signing of a share purchase agreement between the company and its subsidiaries, HSTG Glasholding and Blue Minds IF (Interfloat) Beteiligungs.
Furthermore, the board has approved the acquisition of a special purpose vehicle (SPV), namely “Youco F22-H190 Vorrats, a limited liability company incorporated in Cologne, Germany, to manage and oversee the acquisition and future operations of the target companies. This entity will purchase all GMB securities. Borosil has also approved setting up a SPV in Liechtenstein to hold certain securities in Interfloat. The acquisition of GMB was completed for 26.85 million in cash and an additional amount to be determined based on GMB’s performance in calendar years 2024 to 2026, not to exceed 50 per cent of earnings. Borosil proposed a cash consideration of $5.48 million in exchange for $24.24 million in shares, as well as an additional amount to be determined based on Interfloat’s performance in the calendar years 2024 to 2026, not to exceed 50 per cent of Interfloat’s EBIT.
Previously, Borosil Renewables announced that it was undertaking a brownfield capacity expansion, a third solar line with a capacity of 550 metric tons to meet the growing demand. The commercial operation of the expanded facility is expected to commence in the second quarter of the financial year 2023.