Pennar Industries has executed a Joint Venture Agreement with Zetwerk Manufacturing Businesses and Others on December 31, 2024 for incorporation of a Joint Venture company, by way of subscription to the Equity share capital of the Joint Venture Company.
The proposed Joint Venture company will be formed to carry on the business of manufacturing and sale of solar modules, including the development and operation of the manufacturing unit. Zetwerk Manufacturing Businesses will hold 50.1% shareholding in the proposed Joint Venture company, while Pennar Industries will be holding 45.0% and others (4.9%).
Pennar Industries is one of India’s leading industrial organizations offering specialized, engineering steel solutions. The company is a multi-location, multi-product company manufacturing cold rolled steel strips & tubes, cold rolled formed sections, electrostatic precipitators, pre-engineered building systems, sheet metal components and road safety systems.
