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Borosil Renewables German Arm Files for Insolvency
- Borosil Renewables announced that its German subsidiary, GMB Glasmanufaktur Brandenburg GmbH, has filed for insolvency under the German Insolvency Code on July 4, 2025, due to deteriorating market conditions.
- The subsidiary generated financial losses of approximately Rs 9 crore per month, which Borosil will no longer account for after the filing.
- Chairman P Kheruka stated that the decision reflects confidence in India's solar manufacturing sector, where demand and policies are improving.
- GMB's operations will now be managed by a court-appointed administrator in Germany, following the insolvency filing.
13 Articles
13 Articles
In the end, Glasmanufaktur Brandenburg was against the superiority of subsidised goods from China without opportunity. After a decade and a half, GMB has to give up.
Borosil Renewables German arm files for insolvency
Borosil Pivots Focus: German Subsidiary Files for Insolvency Amidst Solar Turmoil
Borosil Renewables' German subsidiary, GMB Glasmanufaktur Brandenburg GmbH, has filed for insolvency. Market pressures and competition from low-cost Chinese solar modules led to this decision. Borosil is now focusing on the Indian solar sector, aiming for growth and development in a promising market environment.
Borosil Renewables' loss-making German arm files for insolvency, focus on 'building scale' in India
Borosil said it will assess and account for any impact on account of the insolvency resolution process of GMB in its forthcoming quarterly results. The exposure to the German subsidiary stands at Euro 35.30 million as of March 2025.
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