The detail regarding making of Investment in ZAP91 Solar India Private Limited a joint Venture Company is attached in Annexure-A.
PENIND · price
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Pennar Industries Ltd has announced making an investment of Rs. 5.80 Crores in cash to acquire 45% stake in ZAP91 Solar India Private Limited, a joint venture company. The investment will fund the completion of a solar module manufacturing plant including commissioning and commencement of commercial production. The JV company was incorporated on 27th December 2024 and is currently in the development phase. The manufacturing unit is located in Sadashivpet, Telangana, India. The transaction is not a related party transaction and does not require any governmental or regulatory approvals. The investment is expected to be completed before 30th June, 2026.
This investment marks Pennar Industries' entry into the renewable energy sector through solar module manufacturing. The 45% stake in the JV aligns with diversification strategy, though the company will need to fund plant development before seeing returns.