Borosil Renewables to invest Rs 1,500 crore in two years to augment capacity

Manufacturer of solar panel glass, Borosil Renewables has announced that it will invest Rs 1500 crore in the next two-years to increase its capacity by almost 2.5 times and supply 15 gigawatts (GW) of solar modules by FY25.

“We are increasing our investment because we are the only domestic manufacturer for solar panel glasses and we see sky is the limit for demand. We are therefore investing an additional Rs 1,500 crore to increase our capacity to 1,550 tonnes per day (TPD) in FY24 and 2,100 TPD in FY25,” said Pradeep Kheruka, executive chairman of Borosil Renewables.

Borosil Renewables, part of the six decades old Borosil Group, commissioned its first solar glass manufacturing facility at Baruch in Gujarat in January 2010 with 180 TPD capacity, which was then expanded to 450 TPD or 2.8 GW of solar modules. Further, the company is also planning to invest in its German plant to increase its production capacity to 500 TPD, from 300 TDP by 2023.

The capacity augmentation will allow the company to supply 2,600 TDP solar panel glasses, which can generate 15GW of power, by FY25. “This will make us the largest non Chinese-owned company worldwide,” said Kheruka.

In late April, the Borosil Group acquired Interfloat Group in Germany — the largest manufacturer of solar glass in Europe — for Euro 55.5 million. The deal included a cash payment of Euro 30 million, euro 22.5 million through issuing fresh equity by Borosil Universal, and 50 per cent of earned profit starting in 2023.

According to the company, all the domestic expansion will be in and around the company’s Baruch facility in Gujarat. Already the expansion is under way where capacity will increase to 1,000 TDP by September 2022 and 2,600 TDP by 2025, including the 500 additional TPD in Germany. In 1962, the Borosil Group was established in collaboration with Corning Glass in the USA. It includes two publicly traded entities, Borosil Renewables and Borosil.

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