Pennar Industries has executed a joint venture agreement with Zetwerk Manufacturing Businesses, and Others on 31 December 2024 for the incorporation of a joint venture (JV) company.

The proposed joint venture company will be formed to carry on the business of manufacturing and sale of solar modules, including the development and operation of the manufacturing unit. The JV aims to cater to both domestic and international markets and includes developing and operating a dedicated manufacturing unit for solar modules.

The shareholding structure of the JV will allocate 50.1 percent ownership to Zetwerk Manufacturing Businesses, 45.0 percent to Pennar Industries, and 4.9 percent to other partners.

Pennar Industries has committed an equity share capital contribution of Rs 8.75 crore towards the JV, while the total paid-up capital for the new entity will amount to Rs 41.67 crore.