China photovoltaic glass has a market share of over 80% in India

January 27, 2024

Latest company news about China photovoltaic glass has a market share of over 80% in India

In a recent exclusive interview with industry media, Sh, the Vice Chairman of Bo Shreevar Kheruka, the Vice Chairman of Borosil Renewables, an Indian photovoltaic (PV) glass manufacturer, discussed the impact of the exemption from anti-dumping duties on imported PV glass on Indian solar module manufacturers. He also elaborated and explored several other issues. The following are excerpts from the interview.

Question: What impact does the exemption from anti-dumping duty on imported PV glass have on Borosil Renewables or other Indian PV glass manufacturers?

Kheruka: The anti-dumping duty imposed by the Indian government on PV glass imported from China was lifted about a year ago. Since then, sales of Chinese PV glass in India have increased significantly. Chinese-made PV glass now accounts for over 80% of the market share in India. I believe that Borosil Renewables has become more competitive, and our production costs are competitive in the global market. However, we now have to compete with manufacturers who receive government subsidies, export subsidies, capital subsidies, and operational cost subsidies, which prevent us from gaining a position of advantage. Therefore, we need a fair market environment.

Question: Do you think the Indian government needs to amend policies to protect Indian PV glass manufacturers?

Kheruka: I hope that Indian PV glass manufacturers receive some policy support because without government backing, Indian PV glass manufacturers cannot expand their capacity as planned. We have put our expansion plans on hold until we receive some clear support. Currently, the selling price of products from Chinese PV glass companies is lower than the production cost of Indian PV glass manufacturers. Unless there is a level playing field, we cannot implement our expansion plans.

Question: How will you implement your expansion plans under the imposition of tariffs?

Kheruka: After the implementation of tariffs, we increased our PV glass production from 180 tons per day to 1,000 tons. In addition to us, five other Indian PV glass manufacturers announced capacity expansion during this period, with three having already started production and two building manufacturing plants. The implementation of tariffs helped us invest more in capital expenditure in this area. This is beneficial for the development of the Indian PV glass industry. The PV glass industry is highly driven by capital expenditure, with a ratio of capital expenditure to turnover rate less than 1. This means that for every 100 rupees invested in capital expenditure, we get about 85 rupees in annual revenue. Therefore, we need longer-term policy support because the payback period for PV glass production plants is at least seven years. We can only commit to expansion if there is policy assurance.

Question: How is the development of Borosil Renewables' export partnerships in Europe?

Kheruka: Borosil Renewables recently acquired a German company that manufactures PV glass, which is the only such manufacturer in the European Union. We have invested to increase our capacity to around 350 tons per day, which means we will produce about 2.5GW of PV modules annually. We acquired this company to increase our sales volume in the European market. Chinese manufacturers also sell PV products in Europe, and the European Parliament may take corresponding measures.

We export about 30% of our PV glass products to other countries, which allows us to survive and grow. These products are priced more favorably compared to those sold in India, and we plan to increase our sales share in the future.