Pennar Industries Makes Investment of Rs. 5.80 Crores in ZAP91 Solar India for Module Plant Completion
Pennar Industries Limited has announced a significant investment in ZAP91 Solar India Private Limited, a joint venture company, aimed at boosting the capacity and completing its module manufacturing plant. The cash investment of Rs. 5.80 Crores will be deployed in a single tranche to facilitate the commissioning and commencement of commercial production at the facility.ZAP91 Solar India Private Limited, which was incorporated on December 27, 2024, specializes in the manufacture and sale of solar modules. Currently, the business is in a development phase, with its manufacturing unit located in Sadashivpet, Telangana, India.
The additional investment by Pennar Industries is strategically designed to fund the completion of the module manufacturing plant. The company plans to achieve this goal and complete the acquisition process before June 30, 2026.
The investment transaction details include the following key parameters:
| Detail | Information |
|---|---|
| Target Entity | ZAP91 Solar India Private Limited (Joint Venture Company) |
| Industry Segment | Renewable Energy, Solar Energy |
| Investment Consideration | Rs. 5.80 Crores (Cash consideration in a single tranche) |
| Shareholding Acquired | 45% |
| Objective | Fund the completion and commissioning of the module manufacturing plant for commercial production |
| Incorporation Date | December 27, 2024 |
| Proposed Completion Timeline | Before June 30, 2026 |
The company noted that the joint venture company’s operations center on the manufacture and sale of solar modules. The promoter and promoter group of Pennar Industries Limited maintain no interest in the joint venture company, except to the extent of the share capital held by the company itself.
PENIND Stock Price Movement
On Tuesday, Pennar Industries Limited shares edged higher, gaining 3.59% to close at ₹156.91. The stock saw considerable activity, completing the trading day with a total volume of 1.19 million shares.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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