Fujiyama Power Systems Limited — JV/Acquisition, 04-09-2026: Acquisition

Fujiyama Power Systems (UTLSOLAR) has invested Rs 5.01 Cr in its associate Zayo Energy Private Limited (ZEPL) through Compulsorily Convertible Debentures. ZEPL manufactures crucial solar panel components like PV ribbon wire and aluminum frames. This strategic move aims for backward integration, strengthening UTLSOLAR's value chain and unlocking operational synergies within its core solar business. While ZEPL currently has no operational turnover, this cash investment positions UTLSOLAR to enhance future supply capabilities and reduce reliance on external suppliers. The investment will ultimately alter UTLSOLAR's 50% stake in ZEPL upon conversion.