Borosil Renewables to acquire 100% stake in Interfloat
India’s first and only solar glass manufacturer Borosil Renewables Limited (BRL) and the Interfloat group of companies have announced the signing of a binding cash and stock deal enabling BRL to acquire a 100% stake in the Interfloat Group.
Interfloat consists of two companies, GMB Glasmanufaktur Brandenburg (GMB), based near Berlin, and Interfloat Corporation, based in Liechtenstein.
GMB is the largest solar glass producer in Europe with a current capacity of 300tpd. It has manufactured glass for Europe’s solar (solar PV as well as solar thermal) and greenhouse glass markets since 2010.
Interflot has been servicing customers in Europe for close to 40 years and has deep-rooted relationships with the glass trade in the region.
With this acquisition, BRL’s current total installed solar glass manufacturing capacity in India and Europe will be 750tpd.
Expansion currently underway in India and planned for GMB’s Tschernitz plant will realise a 2600tpd manufacturing capacity, capable of supplying glass for more than 15GW of solar modules from 2025.
Pradeep Kheruka, Executive Chairman of Borosil Renewables Ltd., said, “This acquisition moves us closer to our vision of being the most customer-centric company in the world. We believe that by leveraging the existing synergies and several complementary skill sets offered by the two companies, we will be able to serve our customers better. With the capacity expansions planned in India and Europe in the near future, we expect to enhance the reliability of our supply chains for our customers. On this journey, our unremitting efforts shall remain focused as always on reducing the overall carbon footprint of our operations”.
Christian Kern, Chairman of the Board of Directors Interfloat Corporation and former Austrian chancellor: “Borosil Renewables, a worldwide innovation leader with focus on green production of solar panels, is a huge gain for Interfloat and the production in Brandenburg. In such difficult times, when the European industry suffers from soaring gas prices, a strong international partner will ensure the European production of clean energy.”
Image: (l to r) Shreevar Kheruka (Managing Director, Borosil), Christian Kern (Chairman, Interfloat), Pradeep Kheruka (Executive Chairman, Borosil) and Gerald Schweighofer (head of Interfloat majority owner HS Timber Group).
