Pennar to Sell Stake in Renewables Arm to Greenko Solar | CORPORATE ETHOS

Pennar to Sell Stake in Renewables Arm to Greenko Solar

By: | August 11, 2017
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Aug 11:  Engineering and special steel solutions provider Pennar Industries Ltd on Friday said the company will sell its stake in its subsidiary Pennar Renewables Pvt Ltd to Greenko Solar Energy Pvt Ltd, a leading player in the Indian energy industry.

According to Pennar, once the sale of transaction completes, debt of the company reduces by around Rs 101 crore from its consolidated balance sheet.

The proceeds from the sale transaction will be used by the company to expand its product base and addressable markets, it added.

Based in Hyderabad, Pennar Industries Ltd specializes in manufacturing of prefabricated metal systems, automated storage system, high way safety systems and decking systems, auto components, white goods components, cold rolled steel, ESP electrodes, building components etc.