Borosil Renewables Announces Expanding Capacity By 50%

Borosil Renewables Announces Expanding Capacity By 50%

Indian solar glass manufacturer Borosil Renewables Limited today announced an expansion of 50% of its present capacity in the manufacturing of solar glass, a critical component in the manufacturing of Photo Voltaic solar panels.

“The expansion plans, which had been put on hold, are now back on track, after receiving approval from the Company’s Board of Directors on December 18, 2024, on the basis of the announcement of a “Reference Price” for imports, by the Ministry of Finance vide its notification dated December 04, 2024, which will act against Cheap and dumped imports from China and Vietnam,” the company said in its filing before the exchanges.

With this expansion, the manufacturing capacity of the Company will increase from 1000 tons per day to 1500 tons per day. The company said that the Reference price (US$ 673~677 for imports from China works out to a price of INR 143 per mm/square meter at the Container Yard), and will act as a minimum threshold for import prices from China.

A thrust to domestic solar glass makers

It said that solar glass manufacturing in the country was thrust into a crisis of survival due to the alleged dumping of solar glass from Chinese-owned companies, with import volumes skyrocketing coupled with a sharp drop in prices. The institution of a Reference Price for imported glass, the firm said will enable Borosil Renewables to return back to better margins which will support its expansion plans.

“The growth in domestic production of solar glass will create a more robust and dependable supply chain for domestic PV Module manufacturers for this critical component. Virtually all raw materials, skilled manpower and technology are available within India, and unnecessary outgo of foreign exchange shall be avoided while creating much-needed local jobs,” Borosil Renewables said in a media release.

What is behind the expansion?

The expansion plans of the company has come at a time when the firm is now optimistic of the growth in its revene from domestic supply. This is because two major demands of the company have been made by the government. These included the imposition of anit-dumping duties against solar glass imports from China and Vietnam. Another development was the imposition of Customs Duty against the imports of solar glass, announced in the last budget by Union Finance Minister Nirmala Sitharaman. These two hand-holding support from the company are now all set to give a fillip to the domestic solar glass manufacturers in India.