India's Borosil buys 86% of solar glass maker Interfloat Group

India’s Borosil Renewables Ltd (BSE:BORORENEW) has wrapped up the acquisition of a 86% stake in Interfloat Group, Europe’s largest manufacturer of solar glass.

Interfloat Group consists of Germany-based GMB Glasmanufaktur Brandenburg GmbH, which operates a solar glass plant with a production capacity of 300 tonnes per day, and Interfloat Corp, based in Liechtenstein.

Borosil Renewables said in a bourse filing on Friday that the acquired entities have become its step-down subsidiaries, effective immediately. The Indian firm has carried out the purchase through its German units Geosphere Glassworks GmbH and Laxman AG.

When the deal was initially announced in April, Borosil said it would pay EUR 24.91 million (USD 24.5m) in cash, plus additional performance-based consideration. The value of the entire investment was not disclosed.

The deal will raise Borosil’s solar glass output to 750 tonnes per day from the current 450 tonnes per day. It also backs the Indian manufacturer's goal to reach 1,550 tonnes per day by the end of 2023/24 and 2,100 tonnes per day by the end of 2024/25.

The acquired business generated revenue of about EUR 60 million in 2021.

(EUR 1.0 = USD 0.985)

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