Borosil Renewables Ltd on April 25 announced on the Exchange that the council approved the purchase of 100 percent of the Interfloat Corporation shares and GMB Glasmanufacturing Brandenburg GmbH (GMB). The two entities are involved in the solar glass business.

“The Board has agreed to the implementation of the stock purchase agreement between the company, a subsidiary, HSTG Glasholding GmbH and Blue Minds if Beteiligungs GmbH (SPA) and the implementation of other documents needed in connection with the proposed transaction, where the company (along with its subsidiary) will agree to Acquiring 100 percent of the stock capital of the target company from HSTG Glasholding GmbH and Blue Minds if beteiligungs GmbH, “said the company in the release for exchange.

Borosil will buy GMB at a 24.91 million euro in cash and an additional amount that must be determined based on performance in the year 2024, 2025 and 2026, which will not exceed 50 percent EBIT GMB.

Borosil, through the German arm, will hold and control 100 percent of the shares in GMB. For the year 2021 at this time, GMB reported 46.20 million euro income versus a 45.4 million euro last year. In 2019, he reported a 38.8 million euro income

Borosil will also buy interfloat for cash considerations of 5.09 million euros, stock exchanges equivalent to Euro 22.50 million and an additional amount that must be determined based on performance in 2024, 2025 and 2025 and 2026 at this time which will not exceed 50 percent from EBIT from interfloat.

The company and Liechtenstein’s arm will control 100 percent of interfloat. The company will directly hold around 68.09 percent of shares in interfloat and Liechtenstein ARM will hold 31.91 percent of the rest. For the year 2021 at present, Interfloat reported Euro 59 million versus Euro 51.5 million last year. In 2019, he reported 44.4 million euro income.

The Board of Borosil also agreed to the problem of preferential shares based on personal placement for HSTG Glasholding GmbH and Blue Minds if Beteilgungs GmbH is worth 22.50 million for consideration in addition to cash.

Interfloat, a entity based in Liechtenstein, has sold glass to customers in Europe for almost 40 years and has a deep relationship with glass trade in the region.

GMB, an entity based in Germany, is involved in the solar glass manufacturing business. It produces glass for European solar (solar PV and thermal sun) and greenhouse glass markets, with current capacity of 300 TPD (tons per day).

Pradeep Kheruka, Chief Executive Borosil Renewables Ltd., said, “This acquisition makes us closer to our vision into the most centered customers in the world. We believe that by utilizing existing synergies and several complementary sets of skills offered by both companies, we will be able to serve our customers better. With the expansion of capacity planned in India and Europe in the near future, we hope to improve the reliability of our supply chain for our customers. On this trip, our endless efforts will remain focused as usual on the reduction in the overall carbon footprint from our operation. “

Christian Kern, Chairperson of the Board of Directors, Interfloat Corporation, and former Austrian Chancellor said, “Borosil Renewables, innovation leaders around the world with a focus on the green production of solar panels, is a big advantage for antarraung and production in Brandenburg. In times of difficulty like that, when the European industry suffers from soaring gas prices, strong international partners will ensure European clean energy production. “With explicit desires of Borosil, Kern will remain in the interfloat board.

Preet Singh, Managing Director and head of the Industrials Group at Lincoln International, Mumbai, the buy-side advisor for the deal, said, “We are very excited to advise Borosil Renewables on this strategic transaction. On the backdrop of accelerating transition to renewable energy globally, Interfloat Group’s proposed acquisition will expand Borosil Renewable’s geographic presence, bring scale economies and enhance value for customers. Both parties’ commitment to execute this transaction reflects strongly on the strategic fit between Borosil Renewables and Interfloat Group’s businesses.”