Pennar Industries witnessed a 3% rise in its share price on Friday after the company announced a joint venture agreement with Zetwerk Manufacturing Businesses Private Limited and others for the manufacture and sale of solar modules and cells. The agreement includes the development and operation of a new manufacturing unit, aimed at serving both domestic and international markets.
Key details of the joint venture:
- Shareholding: Zetwerk will hold 50.10%, Pennar Industries 45.00%, and others 4.90%.
- Scope of the JV: Manufacturing and selling solar modules and cells, along with the establishment and operation of a dedicated manufacturing unit.
- Market Coverage: The initiative will target both domestic and global markets, reflecting Pennar’s strategic expansion into the renewable energy sector.
- Rationale: The collaboration aims to address the growing demand for sustainable energy solutions while bolstering Pennar’s position in the solar energy industry.
The transaction details are currently under discussion and subject to customary approvals. Once finalized, the agreement will be disclosed in compliance with regulatory requirements.