Borosil Renewables has successfully completed the acquisition of an 86 per cent stake in Interfloat Group, Europe’s solar glass manufacturer. The acquisition was successfully completed by the company’s wholly owned overseas subsidiaries named Geosphere Glassworks GmbH and Laxman AG.
The Interfloat Group is based in Germany and Liechtenstein. It comprises GMB Glasmanufaktur Brandenburg GmbH (GMB) which has a 300-tonne-per-day production plant. GMB and Interfloat have now turned into step-down subsidiaries of Borosil.
With this acquisition, Borosil’s solar glass manufacturing capacity will increase by 66 per cent, amounting from 450 tpd to 750 tpd. With the commissioning of a new 550 tpd furnace in India in the coming months, the combined capacity of the company will be increased to 1,300 tpd. This acquisition will also help in providing a diversified range of solar glass to the European customer base. Borosil Renewables intends to increase its India capacity from 1,000 tpd by the end of December to 2,100 tpd in the financial year of 2024.