Pennar Industries Ltd, a diversified engineering company headquartered in Hyderabad, has signed an agreement with Zetwerk Manufacturing to establish a joint venture focused on the production and sale of solar modules. The proposed venture will encompass the development and operation of the manufacturing facility and serve both local and global markets.

“The company has executed a joint venture agreement with Zetwerk Manufacturing Businesses and others on 31st December 2024 for incorporation of a joint venture company, by way of subscription to the equity share capital of the joint venture company,” Pennar shared in a stock exchange filing.

Zetwerk Manufacturing Businesses possesses a 50.1% stake in the joint venture company, while Pennar Industries holds 45% and others own 4.9%. Pennar Industries offers renewable energy solutions throughout the value chain, including solar EPC services and the production of solar modules and mounting structures.

Zetwerk Manufacturing offers comprehensive contract manufacturing and distribution solutions. It collaborates with top industrial and consumer product firms to produce their items through a worldwide network of small manufacturers, offering assistance in supplier selection, pricing, and order fulfillment. 

Pennar Industries has secured a solid position with a varied presence in Infrastructure, Automobiles, Power, General Engineering, Building & Construction, and additional sectors. Fueled by an unyielding quest for perfection, they are celebrated for their engineering prowess.