Exclusive | Borosil Renewables promoters explore stake sale, in talks with strategic investors

Borosil Renewables Ltd, India’s largest solar glass manufacturer, is in preliminary and exploratory talks for a strategic investment, with the company’s promoters potentially divesting part or all of their stake if discussions progress, CNBC-TV18 has learnt from sources.According to sources, the Kheruka family, which owns around 59% of Borosil Renewables, is evaluating strategic investment proposals. The discussions are at an early stage, and there is no certainty that they will result in a transaction.

Sources said the potential transaction could value Borosil Renewables below its current market capitalisation, with the remaining duration of the anti-dumping duty on solar glass imports from China and Vietnam being one of the key factors influencing pricing.
The anti-dumping duty, which came into effect in December 2024, has supported domestic pricing by limiting cheaper imports and is currently scheduled to remain in force until December 2029, subject to a government review, according to sources.CNBC-TV18 reached out to Borosil Renewables promoter Pradeep Kheruka, who declined to comment on the matter.

The stock reacted positively to the development, rising nearly 10% on Thursday to close at ₹651.65 apiece on the NSE. Borosil Renewables currently has a market capitalisation of ₹9,141.55 crore and has gained around 31% over the past six months.

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