When it took its first step in 2010 by setting up India’s first solar glass production line in Bharuch, Gujarat, Borosil Renewables had a vision it didn’t share with anyone else. The industry was quite nascent and returns were hard to come by. The Jawaharlal Nehru National Solar Mission, India’s earliest initiative to promote solar power, had not been announced yet and even global glass majors such as St Gobain had shut down solar plants. But Borosil held on. It laid its bet on a highly capital-intensive business with low margins and a long learning curve. Now, it has become the largest non-Chinese producer of solar glass in the world and captured a 40% market share in India.
This brief history of the company suggests that Borosil Renewables has established itself as a dominant player in the Indian solar glass sector over a decade. However, as India’s solar energy targets grow and focus shifts to self-reliance, new players have announced plans to enter the market. Local competition has bulked up with conglomerates such as Reliance Industries and Adani Group entering the renewables space. Although it won’t be easy, Borosil Renewables plans to retain its monopoly by implementing a huge increase in its capacity and it hinges mostly on one acquisition the company made this April – Europe’s largest solar glass maker Interfloat Group. The acquisition is expected to increase Borosil’s output by 66%.