Pennar Industries Ltd has diversified into cold-form building sector, setting up of solar photo-voltaic power plants and offering water treatment solutions.
The Hyderabad-based company through its pre-engineered structures division expects to achieve a turnover of Rs 330 crore during the current financial year, up from Rs 280 crore it logged last year, the company informed its shareholders through a notification to stock exchange.
Seeking shareholders’ nod to support the expansion project of the structured buildings division and the company’s entry into new areas such as solar power generation, the company has indicated that the pre engineered division has grown rapidly within two years.
While this division is on course to register a growth of about 18 per cent this year to close at Rs 330 crore, it expects to achieve a turnover of Rs 500 crore by next financial year. It has an outstanding order book of Rs 300 crore.
The pre-engineered building division set up with NCI Building Systems, Inc of US, has been working in different industry verticals offering infrastructure and has completed works for some of the companies including L&T, Procter & Gamble, ITC Nepal, Dr. Reddy’s Laboratories, Bosch, among others.
The company is now seeking shareholders nod through a postal ballot to enter into another unchartered area of offering turnkey solutions for water treatment projects.
Pennar has tied up with the UK-based Tech Universal to offer these solutions in India. It is looking at offering solutions in the industrial and municipal waste water segments.
The company has taken part in the bidding process to set up solar PV projects in Andhra Pradesh. The State has invited bids from developers for setting up of grid-connected solar PV farms and the outcome is awaited.