Pennar Industries to invest in solar module JV

Pennar Industries Ltd will invest INR 5.8 crore 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 before June 30, 2026.

ZAP91 Solar India, incorporated on Dec. 27, 2024, is developing a solar module manufacturing facility in Sadashivpet, Telangana. Pennar said the investment will support completion of the module manufacturing plant, including commissioning and commencement of commercial production.

The joint venture company will manufacture and sell solar PV modules both in the domestic and international markets. The facility is currently under development and has not yet started commercial production.

Pennar Industries entered into a joint venture agreement with Zetwerk Manufacturing Businesses and other parties on Dec. 31, 2024, for incorporation of the solar manufacturing venture. Zetwerk Manufacturing Businesses holds a 50.1% stake in the JV company, 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 EPC and manufacturing of solar modules and module mounting structures.