Indian companies to set up joint venture for PV module production

India's Pennar Industries and Zetwerk Manufacturing have agreed to form a joint venture company to manufacture and sell PV modules.

From pv magazine India

Pennar Industries, a Hyderabad-based engineering firm, has partnered with India-based Zetwerk Manufacturing to set up a joint venture to make and sell PV modules.

The venture will also develop and operate a manufacturing unit to serve domestic and international markets.

Pennar Industries said in a stock exchange statement that it signed the agreement with Zetwerk Manufacturing and other stakeholders on Dec. 31, 2024.

Zetwerk will take a 50.1% stake in the joint venture, with Pennar owning 45% and other shareholders holding 4.9%.

Pennar Industries provides renewable energy solutions, including solar engineering, procurement, and construction (EPC) services, along with the production of solar modules and mounting structures.

Zetwerk Manufacturing provides contract manufacturing and distribution services, connecting companies with a global network of small manufacturers for product development, pricing, and order fulfillment.