How Borosil Turned 12 Years of Continuous Losses Into India's Rs 635 Crore Glassware Empire After Electricity Costs Nearly Killed It

In 1962, when Dr. H. Lele founded the Industrial & Engineering Apparatus Company Pvt. Ltd. in collaboration with America's Corning Glass Works, he had a lofty vision: make India an internationally recognized producer of scientific glass.

The timing seemed perfect. India's scientific and industrial sectors were expanding. Laboratories needed precision glassware. The government encouraged import substitution. Corning brought world-class technology and expertise.

But vision doesn't guarantee execution.

For twelve consecutive years—1962 to 1974—the company hemorrhaged money. Every year brought losses. Manufacturing borosilicate glass proved far more complex than anticipated. The founders weren't glass industry veterans; they were learning an unforgiving business through expensive mistakes.

Most entrepreneurs would have quit after three years of losses. Dr. Lele and his partners persisted through twelve.

Meanwhile, in Kolkata, the Kheruka family—led by B.L. Kheruka, who had started in his family's jute brokerage business in the late 1950s—was searching for manufacturing opportunities. After traveling to Germany and Japan researching industries, they narrowed choices to paper or glass. When the government granted them a glass manufacturing license, they incorporated Window Glass Limited.

In 1988, these two stories merged. Corning Glass Works—the American majority shareholder that had sustained Borosil through those brutal early years—decided to divest its Indian operations. B.L. Kheruka saw opportunity. He acquired Corning's shareholding, making the Kheruka family majority owners of what was now called Borosil Glass Works Limited.

Today, sixty-three years after Dr. Lele's founding, Borosil generates Rs 635 crore turnover (2018-19), commands 60% market share in both laboratory glassware and microwavable kitchenware, employs 1,500+ people, serves 15,000+ retail outlets, operates through three listed companies (Borosil Ltd., Borosil Scientific Ltd., Borosil Renewables Ltd.), and has transformed from obscure industrial supplier into a household name synonymous with heat-resistant glass—proving that sometimes the best businesses survive bankruptcy-level losses if someone refuses to quit.

This is the story of how twelve years of failure became the foundation for sixty years of success—and how a near-death electricity crisis in 2006 forced innovations that transformed Borosil from laboratory supplier into lifestyle brand.

1962-1974: Twelve Years of Losses

In 1962, Borosil was established as a Public Limited Company in Gujarat to acquire the Industrial & Engineering Apparatus Company Pvt. Ltd., founded by Dr. Lele.

The joint venture with Corning Glass Works USA brought technical collaboration, American expertise, and the "Borosil" brand name—inspired by borosilicate glass, the company's main product category.

Products sold initially under both "Borosil" and "Corning" brands targeted scientific and industrial markets: laboratory glassware, industrial equipment, precision instruments.

But making money proved elusive. For twelve consecutive years, the company lost money. The challenges were fundamental:

• Borosilicate glass manufacturing required precision the team was still mastering

• Scientific glassware was a niche market with limited demand

• Corning's technology required adaptation to Indian conditions

• The founders lacked deep glass industry experience

Yet someone kept funding the losses. Corning continued supporting the venture. Dr. Lele and partners persisted. Twelve years of red ink didn't destroy their conviction that India needed indigenous scientific glassware capabilities.

1988: The Kheruka Takeover

B.L. Kheruka had been in glass business since the late 1950s-early 1960s through Window Glass Limited in Kolkata. When Corning decided to exit India in 1988, Kheruka saw strategic value others missed: established manufacturing, recognized brand, technical capabilities, distribution relationships.

He bought out Corning's shareholding. B.L. Kheruka's son Pradeep—who had joined Window Glass Limited at age 17 after completing his Bachelor of Commerce—became deeply involved in Borosil management, joining the board in 1988.

Post-acquisition, the Kheruka family moved from Kolkata to Mumbai, signaling commitment to making Borosil a national brand rather than a regional operation.

Late 1990s-Early 2000s: Consumer Products Emerge

While laboratory glassware remained core business, Borosil began exploring consumer products tentatively. The rise of microwave ovens in urban Indian households created demand for heat-resistant kitchenware.

Borosil's borosilicate glass—originally developed for laboratory precision—proved perfect for microwaves: heat-resistant, thermal-shock resistant, non-reactive, transparent.

The company introduced microwavable dishes, casseroles, and containers. Indian housewives—particularly those adopting microwave cooking—found Borosil synonymous with heat-proof glass.

But consumer products remained secondary. Scientific and industrial glassware still dominated revenue.

May 2006: The Electricity Crisis

In May 2006, Shreevar Kheruka—B.L. Kheruka's grandson, P.K. Kheruka's son—joined Borosil Glass Works Limited as Assistant Vice-President after graduating from Wharton School (dual degree: B.Sc. Economics, B.A. International Relations) and working two years at Monitor Consultants (now Monitor Deloitte) in Boston.

Within weeks, disaster struck. The Maharashtra State Electricity Board nearly doubled electricity charges overnight—from Rs 4.20 per unit to Rs 7.50.

For Borosil's Andheri, Mumbai plant—which produced glass tubes, the crucial raw material—electricity accounted for 25% of total costs. Profitability evaporated instantly. The company plunged into losses. Production efficiency suffered. Labor problems emerged.

Shreevar, fresh from Wharton with finance and entrepreneurship training, faced immediate crisis management as his first real job responsibility.

2006-2013: The Solution

Shreevar got on planes and visited glass factories across the US, Europe, Southeast Asia, and China. He discovered low-cost manufacturing alternatives: import raw materials rather than producing them domestically at unsustainable electricity costs.

The new model worked. Borosil shifted from complete vertical integration to strategic sourcing—manufacturing finished products in India while importing cost-prohibitive raw materials.

By 2013, the crisis had transformed into opportunity. Shreevar realized something profound: "Our brand value and trust built over the years was much higher than the turnover we were making. There was a mismatch between our earnings and perceived brand value."

The decision was pivotal: leverage Borosil's manufacturing capabilities and brand equity to become a complete consumer lifestyle brand rather than remaining a predominantly laboratory glassware company.

2013-2019: The Lifestyle Transformation

From 2013 onward, Borosil systematically expanded its consumer product portfolio:

• Serving ware

• Kitchen appliances

• Storage containers

• Hydration bottles

• Cookware

• Complete kitchen-to-table solutions

The brand evolution was dramatic. Borosil—known for decades as maker of laboratory beakers and industrial glass tubes—became the glassware Indian mothers handled carefully when guests arrived.

Revenue reflected transformation: turnover reached Rs 635 crore by 2018-19.

Distribution expanded to 15,000+ retail outlets in general trade, supplemented by large-format stores, institutional sales, and pioneering ecommerce presence through myborosil.com plus Amazon and Flipkart.

By 2017, Borosil claimed 60% market share in both laboratory glassware and microwavable kitchenware segments—absolute dominance.

November 18, 2019: The Generational Transition

On November 18, 2019, B.L. Kheruka stepped down as Executive Chairman, passing leadership to his son Pradeep Kheruka (Chairman) and grandson Shreevar Kheruka (Managing Director & CEO).

Pradeep—who had over 50 years in the glass industry since joining at age 17—received the prestigious EY Entrepreneur of the Year 2022 award in Manufacturing category, recognizing his contributions to Borosil's growth.

December 2023: The Demerger

In December 2023, Borosil executed a composite scheme of arrangement, demerging the scientific business from Borosil Ltd. This created three focused listed entities:

Borosil Ltd.: Consumer products (kitchenware) and life sciences Borosil Scientific Ltd.: Laboratory glassware and pharmaceutical packaging Borosil Renewables Ltd.: Solar glass production

The restructuring allowed each division to pursue specialized strategies while maintaining group synergies.

The Current Empire (2025)

• Founded: 1962 (63 years; Dr. H. Lele)

• Kheruka ownership: Since 1988 (37 years)

• Revenue: Rs 635 crore (2018-19)

• Employees: 1,500+

• Retail outlets: 15,000+

• Market share: 60% (laboratory glassware & microwavable kitchenware)

• Structure: 3 listed companies

• R&D: B.L. Kheruka Centre, Pune

The Legacy

From 12 years of continuous losses (1962-1974) to Rs 635 crore revenue—from obscure industrial supplier to household name—from near-death electricity crisis to lifestyle brand transformation—Borosil's 63-year journey teaches timeless truths.

First, persistence through losses builds foundations. Twelve years of red ink would destroy most startups. Borosil's survival created capabilities competitors couldn't replicate.

Second, crises force transformative innovation. The 2006 electricity disaster birthed the sourcing model that enabled consumer expansion.

Third, brand equity compounds invisibly. For decades, Borosil built trust in laboratories. That equity transferred seamlessly to kitchenware when the company pivoted.

Fourth, market mismatches reveal opportunities. Realizing perceived brand value exceeded revenue was the insight that unlocked lifestyle transformation.

Finally, generational continuity preserves legacies. From B.L. Kheruka (1988) to Pradeep (second generation) to Shreevar (third generation)—each built on predecessors' work rather than destroying it.

When Indian families use Borosil casseroles, serve guests in Borosil dishes, or heat food in Borosil containers, they're using products from a company that survived twelve years of losses, then nearly died from electricity costs, then reinvented itself completely.

That's not just manufacturing glassware. That's proving that the longest road to success sometimes runs straight through bankruptcy-level failure—if someone refuses to quit.