
Borosil Renewables Limited announced today that its step-down subsidiary, GMB Glasmanufaktur Brandenburg GmbH (GMB), has implemented a temporary cool down of its furnace. This decision was taken in response to a lack of defined demand, making the continuation of production at the facility unfeasible. The move is aimed at reducing losses and managing cash flow more effectively.
Despite the furnace cool down, the cold-end operations at GMB will remain functional with a minimal workforce. These operations will focus on converting semi-finished glass into finished products to fulfill pending orders. The company anticipates a full resumption of operations once market demand stabilizes.
During the financial year 2023-24, GMB contributed significantly to Borosil Renewables’ consolidated financials, accounting for ₹409.80 crores in revenue from operations (29.93% of consolidated revenue) and ₹141.62 crores in net worth (16.85% of consolidated net worth).
The information was disclosed as per SEBI regulations and has been made available on Borosil Renewables’ official website. The company assures stakeholders of its commitment to operational efficiency and long-term sustainability.