Borosil Renewables to acquire 100% stake in Interfloat Group; stock up ~1.5%

26 Apr 2022 , 12:25 PM

Borosil Renewables Limited has signed a binding offer for 100% equity in Interfloat Group, Europe’s largest manufacturer of solar glass.

The Interfloat Group includes GMB Glasmanufaktur Brandenburg GmbH (GMB), located in Tschernitz, Germany, and Interfloat Corporation, based in Ruggell, Liechtenstein.

GMB is one of the largest solar glass producers in Europe having a current capacity of 300 Tons Per Day (TPD). It has been manufacturing glass for Europe’s solar (solar PV as well as solar thermal) and greenhouse glass markets since 2010. Interglobe is catering to the needs of customers in Europe for nearly 40 years and has deep-rooted relationships with the glass trade in the region.

Post this acquisition, BRL’s total installed solar glass manufacturing capacity in India and Europe will increase to 750 TPD immediately, thereby allowing more efficient supply to customers in Europe.

This acquisition will also benefit customers by accelerating investment in new products and technology development. Borosil’s unmatchable experience in achieving high efficiency in the manufacturing process to enhance throughput and reduce costs will bring economies of scale to Interfloat’s expansion and manufacturing plans while lowering the carbon footprint of its European operations.

The BRL expansion is currently ongoing in India and it is striving to take it to 1000 TPD in September 2022.

At around 12.29 PM, Borosil Renewables was trading at Rs746.75 up by Rs10.45 or 1.42% from its previous closing of Rs736.30 on the BSE. Its scrip has touched day’s high and low of Rs774.15 and Rs742.55 respectively.