Greenko to buy Pennar Industries’ renewable business

Hyderabad-based Pennar Industries Limited has agreed to sell its stake in Pennar Renewables Private Limited to Greenko Solar Energy Private Limited. Though the value of the transaction has not been disclosed, the stake sale will reduce Pennar Industries’ debt by about Rs 1.01 billion. Pennar Renewables has commissioned solar power plants with an aggregate capacity of 28 MW in three locations in Telangana. The parent company holds a 99.61 per cent stake in Penner Renewables, formerly known as New Era Enviro Ventures (Karimnagar) Private Limited.

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