Borosil Renewables to acquire solar glass manufacturer Interfloat Group

Borosil Renewables (BRL), an Indian solar glass manufacturer, has agreed to acquire Europe-based Interfloat Group of companies in a cash and stock deal.

The financial terms of the deal were not revealed.

Interfloat Group is made up of two companies, the Germany-based Glasmanufaktur Brandenburg (GMB) and Interfloat Corporation, which is based in Liechtenstein.

Glasmanufaktur Brandenburg is a solar glass producer with a present capacity of 300 tons per day (TPD). Since 2010, the company has manufactured glass for European solar solar photovoltaic (PV) and solar thermal and greenhouse glass markets.

Interfloat has been catering to customers in Europe for nearly 40 years and is said to have deep-rooted relationships with the glass market in the region.

Christian Kern — Chairman of the Board of Directors of Interfloat Corporation 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.”

Borosil Renewables to acquire European solar glass manufacturer Interfloat Group. Photo courtesy of Jukka Niittymaa from Pixabay.

With the acquisition, the total installed solar glass manufacturing capacity of Borosil Renewables in India and Europe will immediately become 750 TPD, thereby enabling a more efficient supply to European customers.

The acquisition will also expedite investments in new product and technology development, said the Indian solar glass manufacturer.

Pradeep Kheruka — Executive Chairman of Borosil Renewables 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.”

Borosil Renewables had engaged Lincoln International as the financial advisor for the deal, while Khaitan & Co. and DLA Piper are the legal advisors.