Borosil Renewables Board Approves Expansion Project at Rs 950 Crore
At an estimated cost of Rs 950 crore, Borosil Renewables announced that its board has approved a revised expansion plan to expand production capacity by 600 tons per day.
The company, which has a 1000-ton-per-day (TPD) production facility in Bharuch, Gujarat, stated that the decision was made in expectation of favorable market conditions following the government's anti-dumping actions.
According to the corporation, the Board of Directors accepted the updated 600 TPD expansion proposal this week.
For 500 TPD, an initial investment of Rs 675 crore was planned.
As may be appropriate or determined by management, a combination of stock, debt, and/or internal accruals, or any combination of these financing methods, shall be used to fund the projects.
The company explained that the government's five-year anti-dumping duty on solar glass imports from China and Vietnam, which will take effect on December 4, 2024, will create a level playing field for domestic producers.
According to the report, this policy action is expected to promote a substantial and swift expansion in the production of solar glass in the country.
In light of these favourable market conditions and anticipated demand growth, the company has proposed enhancing its production capacity. The increase in capacity is expected to result in higher production volumes and sales.
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Borosil Renewables, a division of the Borosil Group, has a manufacturing plant spanning over 100 acres in Bharuch, Gujarat, with a capacity of 1,000 TPD, or 6.5 GW annually, for the production and processing of solar glass.