Recently, Hyderabad-based engineering group Pennar Industries partnered with Bangalore's Zetwerk Manufacturing Business Private Limited to jointly produce and sell PV modules through the establishment of a joint venture (JV).
According to the agreement, Zetwerk will hold 50.1% of the JV's shares, Pennar will hold 45%, and the remaining 4.9% will be owned by other investors. The two parties are expected to invest 187.5 million Indian rupees (approximately $2.18 million) as equity for the JV, with a total paid-up capital of 416.7 million Indian rupees (approximately $16.5 million).
In the future, the JV will build a PV module factory at a yet-to-be-disclosed location to supply both domestic and international markets. The annual capacity of the factory has not yet been disclosed by either party.
Currently, Pennar Industries operates a PV module manufacturing plant with an annual capacity of 250 MW in Telangana, India, and is listed in the Indian government's Approved List of Models and Manufacturers (ALMM List-I). Zetwerk owns the US-based company Unimacts, which produces PV equipment, including modules and solar piles, at its facilities in Las Vegas, US, as well as in China and India.
