M&A

M&A

Borosil Renewables acquires 86% stake in Europe's solar glass maker Interfloat Group

BSE Disclosure  

Mumbai-based, publicly listed Borosil Renewables Ltd has acquired an 86% stake in Liechtenstein-headquartered Interfloat Group, Europe's largest solar glass manufacturer. Interfloat Group consists of two companies: GMB Glasmanufaktur Brandenburg GmbH (GMB), based in Tschernitz, Germany, and Interfloat Corporation, based in Liechtenstein. GMB is the largest producer of textured tempered solar glass in Europe with a current manufacturing capacity of 300 TPD. It has manufactured glass for Europe's solar (solar PV as well as solar thermal) and greenhouse glass markets since 2008. The Interfloat Group recorded a consolidated net revenue of 60 million euros for the year ended 31st December 2021. Lincoln International acted as the financial advisor, while Khaitan & Co and DLA Piper acted as the legal advisors to Borosil Renewables.