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Pennar Industries has deployed INR 5.8 crore, roughly equivalent to US$700,000, into ZAP91 Solar India Pvt Ltd, according to a report published by pv magazine on May 27, 2026. This entity is a joint venture with Zetwerk dedicated to solar PV module production in Telangana, India.
The capital injection, scheduled as a single payment, will secure Pennar Industries a 45% ownership position in the venture. The transaction is anticipated to finalize by June 30, 2026. ZAP91 Solar India was officially incorporated on December 27, 2024.
Pennar Industries entered into a joint venture agreement with Zetwerk Manufacturing Businesses and additional partners on December 31, 2024, to establish the solar manufacturing unit. Within the joint venture, Zetwerk Manufacturing Businesses controls a 50.1% stake, Pennar Industries holds 45%, and other shareholders possess the remaining 4.9%.
ZAP91 Solar India is currently building a solar module manufacturing plant in Sadashivpet, Telangana. The company noted that the investment will aid in completing the factory, encompassing commissioning and the initiation of commercial production. At present, the facility remains under development and has not yet started commercial output.
The joint venture intends to produce and sell solar PV modules to both domestic and international markets. Pennar Industries offers renewable energy services across the entire value chain, including solar engineering, procurement and construction (EPC) services, along with the production of solar modules and module mounting structures.
Interactive table based on the Store Companies dataset for this report.
Report Scope and Analytical Framing
Concise View of Market Direction
Market Size, Growth and Scenario Framing
Commercial and Technical Scope
How the Market Splits Into Decision-Relevant Buckets
Where Demand Comes From and How It Behaves
Supply Footprint and Value Capture
Trade Flows and External Dependence
Price Formation and Revenue Logic
Who Wins and Why
How the Domestic Market Works
Commercial Entry and Scaling Priorities
Where the Best Expansion Logic Sits
Leading Players and Strategic Archetypes
How the Report Was Built
Major integrated solar manufacturer
India's largest solar module manufacturer
Part of Adani Group, integrated manufacturing
Leading manufacturer, part of Tata Group
Major PV module and cell producer
Historical leader in solar manufacturing
Makes solar cells, modules, encapsulants
Module and cell manufacturer
Solar PV module manufacturer
Solar panel manufacturer and distributor
Manufactures solar modules and inverters
Solar panel manufacturer
Solar panel manufacturer
Solar panel manufacturer
Solar cell and module manufacturer
Major LED lighting products manufacturer
Leading electrical goods co, major LED player
Major manufacturer of LED lights and fixtures
Major player in LED lighting segment
LED lighting manufacturer
Manufactures LED displays and lighting
Indian subsidiary, major LED mfg in India
Manufactures LED lights and fixtures
Major Indian electrical brand, produces LEDs
LED lighting products manufacturer
Manufactures LED bulbs and lighting
Major player in consumer LED lighting
Leading LED lighting solutions provider
Manufactures LED lights under Finolex brand
Wires & cables major, also manufactures LEDs
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