Borosil Ltd - Stock Valuation and Financial Performance

Established in 1962 with humble beginnings, the company started life as the “Industrial & Engineering Apparatus Company Pvt Ltd” founded by Dr. Lele. Even at that time, the company had the lofty vision of being an internationally recognized scientific glass producer. Many things have changed since then - however, its core remains the same - to provide its worldwide customers with solutions that improve their lives.

Today, the company functions under two listed companies - Borosil Ltd, which consists of its consumer products and life sciences division, and Borosil Renewables Ltd., which manufactures and sells solar glass. Borosil enjoys the patronage of millions of customers across India and the globe. In fact, it is proud to say that its products touch its customer's lives in many ways, from school to the home to the workspace.

The National Company Law Tribunal, Mumbai Bench (NCLT), vide its Order pronounced on January 15, 2020, approved the Composite Scheme of Amalgamation and Arrangement ('Scheme') which provided for: (a) Amalgamation of Vyline Glass Works Limited (VGWL), Fennel Investment and Finance Private Limited (FIFPL) and Gujarat Borosil Limited ('GBL') with Borosil Glass Works Limited ('Demerged Company' or 'BGWL') [name changed to Borosil Renewables Limited (BRL)]; and (b) Demerger of the Scientific and Industrial products and Consumer products business of BGWL along with the scientific and industrial products and consumer products business (vested in BGWL pursuant to amalgamation of VGWL with BGWL) into Borosil Limited (‘the Resulting Company’ or ‘BL’).

The Scheme became effective from 12th February, 2020. Appointed date of the Scheme is 1st October 2018. Accordingly, post demerger, Borosil Renewables Limited is carrying on Solar Glass Business and Borosil Limited is carrying on the Scientific and Industrial Product Business and Consumer Product Business including opal ware business.

Business area of the company

Company is engaged in the business of manufacturing and trading of Scientific and Industrial Products (SIP) and Consumer Products (CP). SIP consist of laboratory glassware, instruments, disposable plastics, liquid handling systems and explosion proof lighting glassware. CP consist of microwavable and flameproof kitchenware, glass tumblers, tableware and dinnerware, Appliances and Storage products

History and milestones

• 1962: Borosil is born as a Public Limited Company to acquire the existing business of Industrial & Engineering Apparatus Company Pvt Ltd, set up by Dr.Lele. The name is inspired by borosilicate glass, the company's main product category. The company begins to sell products under the 'Borosil' brand.
• 1963: Corning Glass Works, USA joins Borosil Ltd as a Technical and Financial Collaborator. Borosil starts using the Corning brand as well.
• 1964: Corning becomes the majority shareholder.
• 1970: Borosil introduces the iconic Vision Glass as its first consumer product, which soon becomes India's most loved and recognized glass.
• 1981: Following a directive from the Government of India to promote local brands, all products are now sold under the Borosil brand.
• 1988: Corning divests its entire shareholding to a company promoted by the Kheruka family.
• 1991: Gujarat Borosil, a subsidiary of Borosil, is set up to manufacture architectural glass with a 230 ton per day facility in Bharuch, Gujarat.
• 1993: Within 5 years, the company's turnover triples/doubles and profit doubles.
• 1999: Borosil introduces Borosil International, a range of imported consumer glassware that enjoys instant popularity.
• 2000: With the growing popularity of microwaves, Borosil, which is already synonymous with heat proof glass, becomes the default choice of housewives for microwavable utensils.
• 2008: Vyline Glassworks sets up a state of the art manufacturing facility in Bharuch, Gujarat for laboratory and consumer glassware.
• 2010: Gujarat Borosil sets up India's first and only solar glass production line with an 180 ton per day facility in Bharuch, Gujarat.
• 2013: Gujarat Borosil introduces anti reflective coating for solar glass, a first of its kind in India. Vyline sets up a second manufacturing facility in Tarapur, Maharashtra for manufacturing its laboratory range
• 2014: Gujarat Borosil makes the world's first antimony free solar glass.
• 2015: Borosil diversifies its consumer product range to include small kitchen appliances Borosil launches Labquest - its entry into laboratory instruments.
• 2016: Borosil acquires Hopewell Tableware Pvt. Ltd in Jaipur, Rajasthan. Borosil acquires controlling interest in Klasspack Pvt Ltd, in Nasik, Maharashtra and enters the pharmaceutical primary packaging market. Borosil launches its first glass lunch box, which is an instant success with its anti-plastic messaging
• 2017: Gujarat Borosil produces the world's first fully 2 mm solar glass, facilitating a revolutionary 30% increase in solar module efficiency.
• 2018: Vyline Glassworks Ltd and Hopewell Tableware Pvt Ltd merge into Borosil Ltd.
• 2019: Borosil Technologies Limited with a mandate to research, design, develop laboratory equipment is set up at Hinjewadi, Pune, India. Borosil's Labquest range of laboratory equipment is manufactured by Borosil Technologies Limited.
• 2020: The trading in equity shares of the company i.e. Borosil Limited commenced from 22nd July, 2020 on BSE Limited (BSE) and National Stock Exchange of India Limited (NSE).