Borosil Renewables Receives Incentives From Gujarat

Borosil Renewables Receives Incentives From Gujarat

Indian solar glass manufacturer Borosil Renewables has now received an incentive of Rs 7.77 crore from the Gujarat government. The company in its latest filing before the exchanges, informed its investors about the latest event.

The state government gave this funding for commissioning of its new furnace in the state for the production of solar glass.

“We are pleased to inform you that the Company has received an amount of Rs. 7.77 crores from the Gujarat State Electronics Mission (GSEM), Department of Science & Technology, Government of Gujarat, towards capital incentive, under the Electronics Policy (2016-21) for providing special incentive package to attract investment in the Electronics System Design and Manufacturing (ESDM) Sector,” the company said.

Incentives for its third furnace 

It also added, “The Company has received the above incentive in relation to capital expenditure incurred for commissioning its third solar glass furnace (SG-3) at the Bharuch plant.”

After the commissioning of its third furnace in the Bharuch district of Gujarat, the company has planned to set up its fourth furnace with a capacity og 1100 tonnes per day (TPD). Post that it also has planned to go for another furnace as its plan of expanion. These furnaces are likely to be commissioned from July to September of 202,6 as per the information shared by Borosil Renewables before the investors.

Expansion Plans

The project(s) will be financed by using a mix of equity, debt and/ or internal accruals, or through a mix of any or all of such means of finance. The original investment envisaged Rs. 1400 crore for a furnace of 1100 TPD. The revised estimated investment is now Rs. 675 crore for 500 TPD.

“Project(s) size has been curtailed considering the low cash accruals in the last 2 years and to keep the debt at manageable levels. The capital cost has been reduced due to the lower size of the furnace(s),” the firm said in its last investors’ presentation.

Borosil Renewable claims to be India’s largest solar glass manufacturer, with a capacity of around 8.5 GW (1350 TPD) as per its last investor’s presentation of Q4FY25. The company had also recently cooled down its German subsidiary to reduce loss arising due to the alleged dumping of cheaper Chinese solar glass in the European country.