Borosil Renewables’ German subsidiary -- GMB Glasmanufaktur Brandenburg GmbH (GMB) has filed for insolvency under German Insolvency Code (InsO) before the jurisdictional court at Cottbus. The decision follows a prolonged period of deteriorating market conditions in the European solar manufacturing ecosystem and reflects the company’s intent to sharpen strategic focus on the rapidly growing Indian solar sector. The move frees up resources and management bandwidth for the company to further scale its core Indian operations, which are experiencing robust demand, policy tailwinds, and improving pricing environment following the imposition of anti-dumping duties on imports from China and Vietnam.

In the event, From July 4, 2025 -- the date of the insolvency filing -- GMB’s operations will be overseen by a court-appointed administrator in Germany. The company will no longer account for GMB’s financial losses, which had amounted to around Rs 9 crore per month. The company will have to assess and account for any impact, on account of the aforesaid insolvency resolution process of GMB, in the forthcoming quarterly results. The exposure as of March 31, 2025 in the German subsidiary and step-down subsidiary is 35.30 Euros million.

Borosil Renewables is engaged in the production of low iron textured solar glass used in the manufacturing of solar photovoltaic modules in the power sector.