Pennar, Zetwerk To Enter Into JV For Solar Module Manufacturing

Pennar, Zetwerk To Enter Into JV For Solar Module Manufacturing

Telangana-based Pennar Industries recently executed a Joint Venture Agreement with Zetwerk Manufacturing Businesses and others for the incorporation of a Joint Venture company. They entered the joint venture by subscribing to the equity share capital of the Joint Venture Company.

Pennar Industries said in a regulatory filing, “The proposed Joint Venture company will be formed to manufacture and sell solar modules, including developing and operating the manufacturing unit. The shareholding in the proposed Joint Venture company is as follows: 1. Zetwerk Manufacturing Businesses Private Limited – 50.1%, 2. Pennar Industries Limited – 45.0%, 3. Others – 4.9%.”

Sharing the significant terms and conditions of the agreement, the company added, “Several customary matters, such as business plans, marketing strategies, etc., require contributions from all the shareholders. The board of the Joint Venture company will comprise four directors: two directors from Pennar Industries Limited and two directors from Zetwerk Manufacturing Businesses Private Limited. Any further issue of shares shall be offered to the shareholders in proportion to their shareholding ratio.”

For Zetwerk, the deal marks further doubling down on the renewable energy segment, which has become a major contributor to its revenues. It has so far used contract manufacturing in India to supply modules and other equipment besides owning a US firm that is a supplier to market leaders like Nextracker etc in North America and elsewhere.

Under the joint venture with the Bengaluru-based company, it added, “The paid-up capital of the Joint Venture company will be Rs. 41.67 crores. The Joint Venture company will carry on the business of manufacturing and selling solar modules, including the development and operation of the manufacturing unit. The addressable market includes both domestic and international markets.”

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About Zetwerk

The startup was launched as a B2B firm that sought to connect mid-to-large original equipment manufacturers (OEMs) and manufacturing SMEs based in tier-2 and tier-3 cities.  The firm has grown quickly since, crossing milestones virtually every year, from turning a unicorn (valuation over $1 billion) to turning into a firm that provides end-to-end manufacturing solutions to its clients.

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