Borosil Renewables Ltd Company Summary

Borosil Renewables Ltd Summary

Borosil Renewables Limited (Formerly known as Borosil Glass Works Limited) was established in December 14th, 1962 mainly to acquire the undertaking of the Industrial and Engineering Apparatus Company Pvt. Ltd. The name of Company changed from Borosil Glass Works Limited to Borosil Renewables Limited effective from February 11, 2020 vide Certificate of Incorporation pursuant to change of name received from Registrar of Companies, Mumbai.The Company is engaged in manufacturing of extra clear patterned glass and Low Iron Solar Glass for application in Photovoltaic panels, Flat plate collectors and Green houses. It manufactures borosilicate tyre neutral and heat-resistant tubing and rods, scientific apparatus, laboratory glassware, etc. Its plants are located in Tamil Nadu and Maharashtra.In 1963, a technical collaboration agreement was entered into with Corning Glass Works, New York. The company has subsidiary, namely Gujarat Borosil. In 1995-96, the Company has come out with a modernization programme as well as a diversification programme. As part of the modernization programme, it proposes to manufacture borosilicate glass tubings in the Marol plant. As part of its diversification programme, the company has envisaged a new project at its Marai Malai Nagar plant for the manufacture of heat resistant borosilicate opal tableware.The sale of imported consumerware under the brand name Borosil International and Boromoili Rocco have performed well during 2000-2001. Gujarat Borosil Ltd ceased to be a subsidiary of the company from 30th March 2002. In 2002-03 the company entered into a contract with Amercian Consultant for supply of designs,drawings,equipments and technical know-how for upgradation of furnace No 1 by enhancing its capacity from 12 MT to 22 MT per day. In 2010, the company set up Indias first and the only solar glass productino line with 180 tons per day facility in Bharuch, Gujarat. In 2013, it introduced Anti-reflecting Coating for solar glass which was the first of its kind in India.In 2014, it developed worlds first Antimony-free solar Glass.In 2017, it developed Worlds first fully tempered solar glass in 2mm thickness.The Board of Directors of the Company at its Meeting held on June 18, 2018 approved a Composite Scheme of Amalgamation and Arrangement between Vyline Glass Works Limited (VGWL) and Fennel Investment and Finance Private Limited (FIFPL) and Gujarat Borosil Limited (GBL) and Borosil Glass Works Limited (the Transferee Company or the Demerged Company or BGWL - BGWLrenamed as Borosil Renewables Limited (BRL) and Borosil Limited (Formerly known as Hopewell Tableware Limited) (the Resulting Company or BL) and their Respective Shareholders and Creditors. The Appointed Date under the Scheme is October 01, 2018, which provides for amalgamation of Vyline Glass Works Ltd (VGWL), Fennel Investment and Finance Private Limited (FIFPL) and Gujarat Borosil Limited (GBL) with Borosil Glass Works Ltd (BGWL)- BGWL renamed as Borosil Renewables Limited (BRL); and demerger of the Scientific and Industrial products and Consumer products businesses of BGWL, now renamed as Borosil Renewables Limited (BRL) along with the Scientific and Industrial products and Consumer products business of VGWL into Borosil Limited (BL). This Scheme was sanctioned by The Honble National Company Law Tribunal, Bench at Mumbai on January 15, 2020, filed with Registrar of Companies (ROC) on February 12, 2020, being the effective date. Pursuant to the Composite Scheme of Amalgamation and Arrangement (Scheme), Borosil Limited, one of the Subsidiary Companies and Resulting Company in the Scheme, ceased to be a Subsidiary.Pursuant to the Scheme, Borosil Afrasia FZE, Klass Pack Limited, Borosil Technologies Limited and Acalypha Realty Limited ceased to be subsidiaries of the Company and became subsidiaries of Borosil Limited.During the year 2019, the Company commissioned its new furnace and processing facilities and achieved commercial production of glass on 01st August, 2019.In 2019, it expanded it capacity to 450 tons per day(equivalent to 2.5 GW/annum) and introduced Shakti : Solar glass in the matt-matt finish and Selene: Antiglare solar glass for PV installations near Airports.In 2020, Vyline Glass Works Ltd., Fennel Investment and Finance Pvt. Ltd. and Gujarat Borosil Ltd. had merged with the Company and Scientific and Industrial products and Consumer products businesses got demerged into Borosil Ltd.In 2019-20, the Company added a second furnace with a capacity of 240 MT/day, which was commissioned in August 2019 and also rebuilt first furnace with an enhanced capacity to 210 MT/day, which resumed operations in December 2019. In December 2020, the Company made a Qualified Institution Placement (QIP) Issue at an issue price of Rs. 126.55 and garnered Rs. 200 Crore (Approx.) for part financing of project SG3 (3rd furnace of the Company). In October 2022, the Company, through its wholly owned subsidiaries viz. Geosphere Glassworks GmbH and Laxman AG had acquired majority stake of 86% in GMB Glasmanufaktur Brandenburg GmbH (GMB), based in Germany and Interfloat Corporation, based in Liechtenstein. Pursuant to this acquisition, Interfloat and GMB were made step-down subsidiaries of the Company with effect from October 21, 2022. Geosphere Glassworks GmbH, Laxman AG, GMB Glasmanufaktur Brandenburg GmbH and Interfloat Corporation became Subsidiaries of the Company in 2022-23. The Company subscribed to 31.2% equity shares of Renew Green (GJS Two) Private Limited (RGPL) through which, it was made an Associate of the Company. The SG-3 Furnace and processing facilities were commissioned in February, 2023.