Recently, Hyderabad-headquartered engineering group Pennar Industries and Bangalore-based Zetwerk Manufacturing Business Private Limited have partnered to jointly produce and sell photovoltaic (PV) modules through a joint venture (JV).
Under the agreement, Zetwerk will hold a 50.1% stake in the JV, with Pennar owning 45% and the remaining 4.9% held by other investors. The parties plan to invest 187.5 million Indian rupees (about US2.18million) as equity capital for the JV, with a total paid−up capital reaching 416.7 million Indian rupees (about US 16.5 million).
In the future, the JV will establish a PV module factory at an undisclosed location to supply both domestic and international markets. Currently, the annual production capacity of the factory has not been disclosed by both parties.
Currently, Pennar Industries operates a PV module manufacturing plant with an annual capacity of 250MW in Telangana, India, and has been listed on the Indian government’s Approved List of Models and Manufacturers (ALMM List-I) for PV modules and manufacturers. Zetwerk owns US-based Unimacts, which produces PV equipment, including modules and solar piles, at its plants in Las Vegas, USA, and through partnerships in China and India.
