Pennar Industries entered into a joint venture agreement with Zetwerk Manufacturing Businesses and other partners to establish a new joint venture (JV) company.
The strategic collaboration aims to capitalize on the increasing demand for renewable energy solutions.
Purpose of the Joint Venture
The newly formed JV will focus on manufacturing and selling solar modules. It will also focus on the development and operation of a dedicated manufacturing facility.
The primary objective of the venture is to serve both domestic and international markets. This positions the company to meet the rising demand for solar energy products.
Shareholding Structure and Capital Contribution
The shareholding structure of the JV has been allocated as follows: Zetwerk Manufacturing Businesses will hold 50.1% ownership of the JV, Pennar Industries will own 45.0%, and other partners will collectively hold 4.9%.
As part of the agreement, Pennar Industries has committed to an equity share capital contribution of ₹8.75 crore.
The total paid-up capital for the JV will amount to ₹41.67 crore.
Strategic Implications
The joint venture represents a significant step for Pennar Industries in expanding its footprint in the solar energy sector.
As reported by projectstoday.com, the company aims to tap into the growing renewable energy market. Experts expect this market to see substantial growth in the coming years. The company is collaborating with Zetwerk and other partners to achieve this goal.
