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Borosil Renewables Investing Rs 1,500 crore to Increase Capacity by 2.5 Times.

Borosil Renewables, a solar panel glassmaker, announced that it will invest Rs 1,500 over the next two years to nearly double its production and provide 15 GW of solar modules by FY25.

May 10, 2022. By News Bureau

PTI has reported that Borosil Renewables, a solar panel glassmaker, is going to invest Rs 1,500 over the next two years to nearly double its production and provide 15 GW of solar modules by FY25.

"We're doubling down on our investments because we see the sky as the limit for demand as the first and only indigenous manufacturer of solar panel glasses."

As a result, we are investing an additional Rs 1,500 crore to increase our capacity to 1,550 TPD by FY24 and 2,100 TPD by FY25, allowing us to sell 15 GW of solar modules," said Pradeep Kheruka, executive chairman of Borosil Renewables.

He also stated that the company will invest in its German factory to raise production to 500 TPD (Tonnes Per Day) by 2023, up from 300 TPD today.

"With this capacity augmentation, by FY25 we will be able to supply 2,600 TDP of solar panel glasses that can generate 15 GW of power and make us the largest non-Chinese-owned company in the world," Kheruka said, adding all the domestic expansion will be in and around the company's Baruch facility in Gujarat.

The Borosil Group firm in late April acquired German company Intertloat Group for 55.5 million euros. Intertloat Group is the largest solar glass manufacturer in Europe. The deal involved an upfront cash payout of 30 million euros, and 22.5 million euros through issuing of fresh equity (by Borosli Universal) and 50% sharing of earned profit from 2023.

"While our ongoing expansion has been delayed by a few months due to the pandemic-induced supply disruptions and the resultant cost increase to Rs 680 crore from the initially-planned Rs 500 crore. Now the brownfield expansion in Baruch should be ready by September from the originally planned commissioning of July, and more than double our domestic capacity to 1,000 TPD (Tonnes Per Day), Kheruka said.

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