Borosil Renewables Limited (Borosil), a solar glass manufacturer in India, and the Interfloat group of companies (Interfloat) announced the signing of a binding cash and stock deal enabling BRL to acquire a 100% stake in the Interfloat Group.
Interfloat Group consists of two companies – GMB Glasmanufaktur Brandenburg GmbH (GMB), based near Berlin, and Interfloat Corporation, based in Liechtenstein. GMB is the largest solar glass producer in Europe with a current capacity of 300 TPD (tons per day). It has manufactured glass for Europe’s solar (solar PV as well as solar thermal) and greenhouse glass markets since 2010. Interfloat has been servicing customers in Europe for close to 40 years and has deep-rooted relationships with the glass trade in the region.
With this acquisition, BRL’s total installed solar glass manufacturing capacity in India and Europe will reach 750 TPD immediately, thereby allowing more efficient supply to customers in Europe. This acquisition will also accelerate investments in new product and technology development benefiting customers. Borosil’s expertise in achieving high efficiency in the manufacturing process to enhance throughput and lower costs will bring economies of scale to Interfloat’s expansion and manufacturing plans, while reducing the carbon footprint of its European operations, the statement said.
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: “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 explicit wish of Borosil, Kern will remain on the Board of Interfloat. For this transaction, Lincoln International was the financial advisor, with Khaitan & Co. and DLA Piper as the legal advisors to Borosil Renewables Limited, the statement said.
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