Pennar Industries Ltd, a Hyderabad-based diversified engineering firm, has entered into an agreement with Zetwerk Manufacturing for incorporation of a joint venture company to carry on the business of manufacturing and sale of solar modules, including the development and operation of the manufacturing unit. The proposed business will cater to both domestic and international markets.
“The company has executed a joint venture agreement with Zetwerk Manufacturing Businesses and others on 31st December, 2024 for incorporation of a joint venture company, by way of subscription to the equity share capital of the joint venture company,” Pennar shared in a stock exchange filing.
Zetwerk Manufacturing Businesses has a 50.1% shareholding in the JV company and Pennar Industries 45% with others owning 4.9%.
Pennar industries provides renewable energy solutions across the value chain including solar EPC and manufacturing of solar modules and module mounting structures.
Zetwerk Manufacturing is an end-to-end contract manufacturing and distribution solutions provider. It partners with leading industrial and consumer product companies to have their products manufactured via a global network of small manufacturers, providing support on supplier selection, pricing, and fulfillment of orders.
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