Borosil Renewables incorporates Liechtenstein-based SPV Laxman AG

Indian solar glass manufacturer Borosil Renewables (BRL) said that it has incorporated a fully-owned subsidiary called Laxman AG, a special purpose vehicle (SPV) in Liechtenstein.

Borosil Renewables created Laxman AG for executing the company’s previously announced acquisition of Europe-based Interfloat Group of companies.

The cash and stock deal was announced in April 2022.

Interfloat Group comprises two companies, which include the Germany-based Glasmanufaktur Brandenburg (GMB) and Liechtenstein-based Interfloat Corporation.

Glasmanufaktur Brandenburg is a solar glass producer, while Interfloat has been serving customers in Europe for around 40 years and is claimed to have deep-rooted relationships with the glass market in the region.