Borosil Renewables Limited (BORORENEW) has announced that its wholly-owned subsidiary in Germany, Geosphere Glassworks GmbH, has filed an application for commencement of voluntary insolvency proceedings. The application was filed on December 22, 2025, with the insolvency court at Cottbus, Germany. Geosphere is a non-operating entity established to acquire and hold a stake in GMB Glasmanufaktur Brandenburg GmbH (GMB), a step-down subsidiary. GMB, which was the largest producer of solar glass in Europe, has been undergoing insolvency proceedings since July 2025 due to weaker market conditions in Europe. A German bank had previously granted a capital subsidy of EUR 4.81 million to GMB, with an assurance from Geosphere to support GMB's capex and operations. However, due to GMB's insolvency, certain conditions of the subsidy, such as continuation of operations, could not be fulfilled. Consequently, the German bank has claimed the subsidy amount from Geosphere, alleging non-compliance. Geosphere responded by stating that GMB's production shutdown was due to a lack of protection for solar PV manufacturing in Europe and that it filed for insolvency due to insufficient resources to meet the German bank's demand. Borosil Renewables Limited has stated that its entire exposure to Geosphere, amounting to ₹13,003.09 lakhs (including investment and loans with interest), has already been provided for and disclosed as an exceptional item in its financial results for the quarter ended June 30, 2025. Therefore, the company anticipates no material impact from this insolvency filing. Geosphere Glassworks GmbH had a revenue of ₹95.10 Lakhs for the financial year ended March 31, 2025, which was 0.06% of Borosil Renewables' consolidated turnover. As of March 31, 2025, Geosphere's net worth was ₹(3,629.57) Lakhs, representing -3.76% of the consolidated net worth of the company.