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.

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