Grauer & Weil (India) Limited (Growel) and RENA Technologies GmbH (RENA) signed a Memorandum of Understanding (MoU) on October 20, 2026 to form a joint venture (JV) in India for the solar photovoltaic (PV) industry. The JV will develop, manufacture, assemble, sell and service wet chemical process equipment, additives and related technologies, and the partners aim to begin operations in early 2027.
According to Growel, the MoU records the terms of agreement and the rights and obligations of the parties. Detailed terms will be agreed mutually and set out in definitive agreements, to be disclosed on execution in line with applicable laws. 
Both parties will have equal rights in the JV’s management and governance. RENA will license its intellectual property to the JV for a mutually agreed fee or royalty, the manner of which will be fixed in the definitive agreements.
Roles and rationale
RENA will contribute its proprietary technology and international experience, while Growel will bring its manufacturing capabilities, expertise in additives and established presence in India. 
The JV aims to build local manufacturing capabilities to reduce import dependence and strengthen supply chain resilience. It also seeks to help solar manufacturers improve productivity and competitiveness through stable processes, reliable equipment operation and efficient chemical use. 
Further details will be announced in the coming weeks, and until the JV is formalised, RENA will continue to support its solar customers through its existing operations.
RENA is globally recognised for patented wet chemical process technologies and equipment for the solar industry, designed for high process efficiency, optimised chemical and water consumption and reliable operation. These features are intended to help manufacturers in a fast-developing market meet India’s environmental regulations. Growel brings extensive knowledge of surface finishing technology, process development and equipment engineering, along with manufacturing infrastructure and a track record of more than 800 installations worldwide.
Management view
Sebastian Kress, COO of RENA Technologies GmbH, said: “We see a great opportunity in this joint venture with such a strong and complementary partner in India. Our customers in the Indian solar industry will benefit from both RENA’s and Growel’s long-term commitment and the joint venture’s ambition to provide excellent local service, leading process know-how, and a local presence in the booming Indian solar market.”
Umeshkumar More, Chairman of Grauer & Weil (India) Limited, said: “The rapid development of India’s solar industry presents a significant opportunity to build specialised capabilities locally. RENA’s advanced technology and extensive experience in photovoltaics make it an ideal partner as the industry evolves. We look forward to combining our complementary strengths to bring global solutions closer to Indian solar manufacturers and contribute to the development of a resilient PV manufacturing ecosystem in India.”
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