Borosil Renewables on Friday said its board has approved a revised expansion plan to increase the production capacity by 600 tonnes per day at an estimated cost of Rs 950 crore. The company which has a production facility at Bharuch in Gujarat with a capacity of 1000 tonnes per day (TPD) said the decision has been taken in anticipation of favourable market conditions post the government's anti-dumping measures.
The Board of Directors has approved the revised expansion plan of 600 TPD on Friday, the company said in a statement.
The expansion is being undertaken through setting up two furnaces of 300 TPD each at an estimated cost of Rs 950 crore.
The original investment envisaged was Rs 675 crore for 500 TPD.
The projects will be financed by using a mix of equity, debt and/ or internal accruals, or through a mix of any or all of such means of finance, as may be appropriate or decided by the management.
On the rationale behind the move, the company said the imposition of an anti-dumping duty by the government for five years on the import of solar glass from China and Vietnam, effective from December 4, 2024, will establish a level playing field for domestic manufacturers.
This policy measure is anticipated to foster rapid and significant growth in domestic solar glass manufacturing, it said.
"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," the statement said.
Part of Borosil Group, Borosil Renewables' manufacturing facility is spread over more than 100 acres at Bharuch, Gujarat, with solar glass production and processing capacity of 1,000 TPD, equivalent to 6.5 GW per annum.
The Board of Directors has approved the revised expansion plan of 600 TPD on Friday, the company said in a statement.
The expansion is being undertaken through setting up two furnaces of 300 TPD each at an estimated cost of Rs 950 crore.
The original investment envisaged was Rs 675 crore for 500 TPD.
The projects will be financed by using a mix of equity, debt and/ or internal accruals, or through a mix of any or all of such means of finance, as may be appropriate or decided by the management.
On the rationale behind the move, the company said the imposition of an anti-dumping duty by the government for five years on the import of solar glass from China and Vietnam, effective from December 4, 2024, will establish a level playing field for domestic manufacturers.
This policy measure is anticipated to foster rapid and significant growth in domestic solar glass manufacturing, it said.
"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," the statement said.
Part of Borosil Group, Borosil Renewables' manufacturing facility is spread over more than 100 acres at Bharuch, Gujarat, with solar glass production and processing capacity of 1,000 TPD, equivalent to 6.5 GW per annum.
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