Indian solar glass manufacturer Borosil Renewables has acquired a 86% stake in Interfloat Group expanding its customer base in Europe.
With the acquisition of its European peer, the Indian manufacturer increases its solar glass output by 66% to 750 tonnes per day (TPD), which will increase to 1,300 TPD in Q4 2022 with the commissioning of a new furnace of 550 TPD in India.
Comprising two companies – Germany-based GMB Glasmanufaktur Brandenburg and Liechtenstein-based Interfloat Corporation – Interfloat Group is the largest textured tempered solar glass producer in Europe, with a current capacity of 300 TPD, according to Borosil.
Despite Europe’s high energy prices and the geopolitical uncertainty affecting Europe’s manufacturing industry, Interfloat’s acquisition will strengthen Borosil’s global market position “in the long run”, according to Borosil.
Pradeep Kheruka, executive chairman of Borosil Renewables, said: “The demand for domestically manufactured solar PV modules has increased significantly leading to a higher demand for solar glass by our European customers. In the light of substantial expansion in our capacity in India, we expect to enhance the reliability of our supply chains for our customers.”