From pv magazine India
Indian engineering and industrial manufacturing company Pennar Industries has announced an investment of INR 5.8 crore (approximately US$700,000) in ZAP91 Solar India Pvt Ltd, a joint venture between Pennar Industries and Zetwerk focused on solar module manufacturing.
The investment, to be made in a single tranche, will give Pennar Industries a 45% stake in the company. The transaction is expected to be completed by June 30, 2026.
ZAP91 Solar India, incorporated on Dec. 27, 2024, is developing a solar module manufacturing facility in Sadashivpet, Telangana, India. Pennar said the investment will support completion of the module manufacturing plant, including commissioning and the start of commercial production.
The joint venture will manufacture and sell solar PV modules in both domestic and international markets. The facility is currently under development and has not yet begun commercial production.
Pennar Industries entered into a joint venture agreement with Zetwerk Manufacturing Businesses and other partners on Dec. 31, 2024, for the incorporation of the solar manufacturing venture. Zetwerk Manufacturing Businesses holds a 50.1% stake in the JV, while Pennar Industries owns 45% and other shareholders hold the remaining 4.9%.
Pennar Industries provides renewable energy solutions across the value chain, including solar engineering, procurement and construction (EPC) services and the manufacturing of solar modules and module mounting structures.
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