Borosil Renewables Limited’s German solar glass manufacturing arm and the ‘last’ solar glass manufacturer in Europe, GMB Glasmanufaktur Brandenburg GmbH, has filed for insolvency before the jurisdictional court at Cottbus, citing intense Chinese competition and plummeting demand.
GMB’s operations will now be overseen by a court-appointed administrator in Germany. Borosil says it will no longer account for GMB’s financial losses, amounting to approximately INR 90 million ($1.05 million) per month. Its exposure in the German subsidiary and its step-down subsidiary stood at €35.30 million as of March 31, 2025.
GMB, with a daily capacity of 350 TPD, supplied solar glass to European module makers. But demand collapsed last year as cheap Chinese modules flooded the market, forcing several companies to either shut shop or seek insolvency protection, including Meyer Burger (see Meyer Burger Files Insolvency For 2 German Subsidiaries).
As demand for solar glass plummeted, Borosil says it kept supporting the German unit with operational tweaks and €27 million in funding, relying on EU and federal policy signals. It had acquired Interfloat, which operates GMB, in 2022 with an aim of de-risking its production from a single location and expanding its customer base in Europe (see Largest European Solar Glass Maker Interfloat To Be Acquired).
Its total investment in GMB totals €27 million, which it made following policies announced at the EU and federal levels. However, as has been cited by some other solar companies in the past, the lack of clear policy announcements and support in Europe prompted Borosil to ‘stop hemorrhaging to the tune of €0.9 million every month.’ Rather, it now sees opportunities for expansion and development in India.
This move will free up resources for Borosil to now focus on the growing market of India that it says is experiencing ‘robust demand, policy tailwinds, and improving pricing environment following the imposition of anti-dumping duties (ADD) on imports from China and Vietnam’ (see India Imposes Anti-Dumping Duty On Imported Solar Glass).
This 5-year ADD imposed since December 2024 is creating a ‘level playing field’ for Indian manufacturers. According to Borosil, it has strengthened Indian solar glass prices, which rose 28% year-on-year (YoY) in Q4 FY25, as selling prices gradually aligned with the reference levels for Chinese imports.
“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 Chairman PK Kheruka.
Borosil aims to expand its manufacturing capacity by 600 TPD at an investment of around INR 9.5 billion ($114.5 million) by adding 2 furnaces, expanding its current capacity of 1,000 TPD by 60%.
Brandenburg’s Minister of Economic Affairs, Daniel Keller (SPD), was quoted by local media outlet rbb24 as expressing regret for GMB’s situation. He blamed the framework conditions in Europe that forced GMB to file for insolvency, and regrets that the EU has not found any protective mechanisms to ensure European solar glass production while encouraging dependence on Chinese solar glass.
