Shares of Borosil Renewables Ltd., India’s largest maker of solar glass, surged after the government levied fresh duties on imports from Malaysia.
The stock jumped as much as 9.3% in Mumbai on Wednesday, the most in more than a year, after India’s finance ministry announced a five-year extension of the so-called countervailing duties, which a country imposes on imports to offset the subsidies foreign competitors receive at home. The levies on textured tempered glass, also known as solar glass, range from 9.71% to 10.14% of cost, insurance and freight value. The government concluded that the “cessation of countervailing duty is likely to lead to continuation or recurrence of subsidization and injury to the domestic industry.”
The step is part of a slew of measures taken by New Delhi to strengthen its solar supply chain and reduce dependence on imports. The nation’s module manufacturing has accelerated over the past few years, bolstered by customs duties on imports as well as a key non-tariff barrier that obligates use of locally-made panels. A similar non-tariff protection for solar cells kicked in this month and the government has plans to apply similar obligations to other upstream products.
‘Solar glass is a capital-intensive industry and this decision is an indication to the domestic industry to continue reinvesting capital to expand capacity and reduce dependence on imports,” Pradeep Kumar Kheruka, executive chairman of Borosil, said.
India currently produces 2,500 tons of solar glass a day, against 7,000 tons of daily imports, he said.
Borosil currently has 1,000 tons a day of manufacturing capacity at its plant in Gujarat and aims to add another 600 tons of daily output at the site by the end of 2026, Kheruka said.
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