STOCKWATCH

Pennar Industries to Enter Joint Venture for Solar Modules and Cell Manufacturing

Pennar Industries Ltd. announced the outcome of their Board Meeting held on 12th Dec, 2024. The Board has accorded in-principal approval to enter into a joint venture for the manufacture and sale of solar modules and cells. The proposed business will address both domestic and international markets. The agreement will be entered into with Zetwerk Manufacturing Businesses Private Limited with a proposed share exchange ratio of 50.10% for Zetwerk, 45.00% for Pennar, and 4.90% for others. The transaction details are under discussion and subject to customary approvals and conditions.

• Pennar Industries to enter into a joint venture for solar modules and cell manufacturing
• The joint venture aims to manufacture and sell solar modules and cells, including the development and operation of the manufacturing unit
• The proposed business addresses both domestic and international markets
• The agreement will be entered into with Zetwerk Manufacturing Businesses Private Limited
• The transaction details are under discussion and subject to customary approvals and conditions