VERTICES PARTNERS and Tempus Law advised Pennar Industries and Zetwerk Manufacturing Businesses on their joint venture agreement for the manufacturing of solar modules. VERTICES PARTNERS represented Zetwerk, who is holding 50.1% stake in this JV. The transaction team is led by Siddharth Raja (Senior Partner), along with Manu Varghese (Partner), Prerna Bharthi (Senior Associate), Sucharita Manjunath (Senior Associate), Anushka Chaturvedi (Associate) and Nachiket Jonnalagadda (Associate). Founder and Managing Partner, Vinayak Burman provided strategic inputs. Siddharth Raja, Manu Varghese Tempus Law represented Pennar Industries, who is holding a 45% stake in this JV. The transaction team consisted of Sundari R Pisupati (Founder Partner), Raghav Agarwal (Associate Partner) and Shreshtha Sarkar (Senior Associate). The companies signed an agreement on December 31, 2024, to form a new company focused on manufacturing and selling solar modules. This includes plans to develop and operate a dedicated manufacturing facility catering to both domestic and international markets. Zetwerk will hold a 50.1% stake in the venture, while Pennar will own 45%, and other investors will hold the remaining 4.9%. This strategic partnership combines Pennar’s expertise in engineering and renewable energy solutions with Zetwerk’s manufacturing and distribution capabilities, positioning them to become a significant player in the solar module market. Pennar Industries Limited is a diversified engineering products and solutions company based in India. They specialize in the design, manufacture, and supply of a wide range of engineered products, primarily steel-based, serving various sectors including automotive, railways, infrastructure, power, and general engineering. Zetwerk is a business-to-business (B2B) manufacturing platform that connects manufacturing companies with suppliers of raw materials and components.
