Engineering and steel solutions firm Pennar Industries today said it intends to set up a joint venture in the US to supply goods and services.
"Pennar Industries Ltd and Pennar Engineered Building Systems Ltd intend to set up a 50:50 joint venture in United States of America to supply their goods and services," Pennar Industries said in a filing to the BSE.
However, it did not disclose financial considerations about the JV.
"The joint venture will help both the companies to increase their addressable market and contribute to an increase in revenue and profitability," it said.
Pennar Industries is one of the leading engineering organisations in India, well known for its expertise in providing engineered products and services.
It has two subsidiaries -- Pennar Engineered Building Systems (PEBS), engaged in the design, manufacture, supply and installation of pre-engineered steel buildings and building components.
While Pennar Enviro Limited (PEL) deals in water and environment infrastructure business and provides turnkey solutions like water treatment plants, sewage treatment plants, effluent treatment plants, effluent recycling plants, zero liquid discharge plants etc.