Pennar Industries and Zetwerk Manufacturing Form Joint Venture for Solar Module Production

Hyderabad-based firm Pennar Industries Ltd. has entered into a joint venture (JV) agreement with Bengaluru-based firm Zetwerk Manufacturing Businesses Pvt. Ltd. and other partners to form a new JV company focused on manufacturing and selling solar modules.

The partnership aims to establish a manufacturing unit for solar modules that will serve both domestic and international markets, said the firm in its filing.

The shareholding in the joint venture is as follows: Zetwerk Manufacturing Businesses Pvt. Ltd. will hold a majority stake of 50.1 percent, while Pennar Industries Ltd. will own 45 percent, and the remaining 4.9 percent will be held by other stakeholders. The total paid-up capital of the joint venture company will amount to INR 41.67 crore, with Pennar contributing INR 18.75 crore as its equity share.

The Joint Venture will include a Board of Directors with four members, two from Pennar Industries and two from Zetwerk Manufacturing. In case of any future share issuances, these will be offered to shareholders in proportion to their existing holdings.

The firm said in its filing that the investment in the joint venture does not fall under related party transactions, as the promoters or group companies of Pennar Industries have no interest beyond their equity stake. The primary focus of the joint venture will be the manufacturing and sale of solar modules, addressing the growing demand for renewable energy solutions both within India and internationally.

This strategic partnership aligns with global efforts to expand clean energy capacity, positioning the new company to benefit from the increasing adoption of solar power across various regions.