Pennar Industries Limited has made a regulatory disclosure under SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, specifically Regulation 30, regarding an investment in a joint venture company.
Nature of the Disclosure
The disclosure pertains to the making of an investment in ZAP91 Solar India Private Limited, which is identified as a joint venture company of Pennar Industries Limited.
Details of the Investment
The company will invest Rs. 5.80 Crores in a single tranche into the paid-up equity share capital of ZAP91 Solar India Private Limited. This investment will result in Pennar Industries acquiring a 45% shareholding in the joint venture company. The consideration for the acquisition is entirely in cash.
Target Entity Background
ZAP91 Solar India Private Limited operates in the Renewable Energy sector, specifically the Solar Energy segment. The company was incorporated on 27th December, 2024. Its business is currently in the development phase of its manufacturing unit and has not yet commenced commercial production. The manufacturing plant is located in Sadashivpet, Telangana, India. The joint venture will focus on the manufacture and sale of solar modules.
Purpose and Rationale
The object and effect of this additional investment is to fund the completion of the module manufacturing plant, including its commissioning and the commencement of commercial production.
Related Party Transaction Status
The acquisition is not a related party transaction. Except for the share capital to be held by Pennar Industries, the promoter/promoter group/group companies have no interest in the joint venture company.
Approvals and Timeline
No governmental or regulatory approvals are required for this acquisition. The indicative time period for the completion of the acquisition is before 30th June, 2026.