Borosil to acquire Europe’s largest solar glass maker Interfloat Group

Borosil Renewables Ltd on Monday announced that its board has approved buying of 100 percent stake in Interfloat Group, Europe’s largest manufacturer of solar glass. The company consists of GMB Glasmanufaktur Brandenburg GmbH (GMB), located in Tschernitz, Germany, and Interfloat Corporation, based in Ruggell, Liechtenstein.

With its acquisition of the Interfloat Group, BRL’s solar glass output will grow to 750 TPD from the current 450 TPD, an increase of 66 per cent, the company said in a regulatory filing.

“This acquisition will make a wider range of solar glass available to BRL’s expanded customer base in Europe. Not only will Borosil leverage its highly efficient production technology to bring greater productivity and a lower carbon footprint to the European entity, it will also move towards expanding production in its European acquisition to 500 TPD from the current 300 TPD,” the company further stated.

Borosil will buy GMB at Euro 24.91 million in cash and an additional amount to be determined based on the performance in the current year of 2024, 2025 and 2026, which will be not exceeding 50 percent of EBIT of GMB. Through its German arm, it will hold and control 100 percent stake in GMB. For the current year 2021, GMB reported a revenue of Euro 46.20 million versus Euro 45.4 million last year. In 2019, it reported revenue of Euro 38.8 million.

Borosil will also buy Interfloat for cash consideration of Euro 5.09 million, swap of shares equivalent of Euro 22.50 million and additional amount to be determined based on the performance in the current year 2024, 2025 and 2025 and 2026 which will be not exceeding 50 percent of EBIT of Interfloat.

Pradeep Kheruka, Executive Chairman of Borosil Renewables Ltd., said, “This acquisition moves us closer to our vision of being the most customer-centric company in the world. We believe that by leveraging the existing synergies and several complementary skill sets offered by the two companies, we will be able to serve our customers better. With the capacity expansions planned in India and Europe in the near future, we expect to enhance the reliability of our supply chains for our customers. On this journey, our unremitting efforts shall remain focused as always on reducing the overall carbon footprint of our operations.”

Christian Kern, Chairman of the Board of Directors, Interfloat Corporation, and former Austrian chancellor said, “Borosil Renewables, a worldwide innovation leader with focus on green production of solar panels, is a huge gain for Interfloat and the production in Brandenburg. In such difficult times, when the European industry suffers from soaring gas prices, a strong international partner will ensure the European production of clean energy.” By the explicit wish of Borosil, Kern will remain on the Board of Interfloat.