Borosil Renewables signed a binding offer to acquire 100% of the German group Interfloat in April this year.
india Renewable energies Borosil (BRL) announced that it has acquired, through its wholly-owned overseas subsidiaries, an 86% stake in Interfloat Group, Europe’s largest solar glass manufacturer.
Interfloat Group is based in Germany and Lichtenstein and has been serving customers in the solar industry since 2008. It operates through Glasmanufaktur Brandenburg GmbH (GMB), which has a production plant near Berlin, and Interfloat Corporation, based in Liechtenstein , which supplies glass to the European market.
GMB operates a solar glass factory with a production capacity of 300 tons/day. With its acquisition, Renewable energies BorosilThe solar glass manufacturing capacity of will increase by 66% to reach 750 tons/day. Its total capacity should increase to 1,300 tons/day with the commissioning of a new furnace with a capacity of 550 tons/day in India in the next two months.
This acquisition will make a wider range of solar glass available to BRL’s expanded customer base in Europe.
“The wholly-owned foreign subsidiaries of the Company [Borosil Renewables], namely Geosphere Glassworks GmbH and Laxman AG, have completed the acquisition of 86% of the capital of GMB Glasmanufaktur Brandenburg GmbH (GMB) and Interfloat Corporation (Interfloat), respectively. Accordingly, GMB and Interfloat became subsidiaries of the Company,” Borosil Renewables said in a filing.
“In addition, Borosil is committed to investing in manufacturing in Europe and will increase capacity at GMB’s Tschernitz plant at the appropriate time in the near future. This means BRL and Interfloat will be able to supply significantly higher volumes of solar glass to existing and new customers by improving serviceability through production from two sites now,” the company said.
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