Fujiyama Power Systems has announced an investment of ₹5.01 crore in its associate company Zayo Energy through the subscription of Compulsorily Convertible Debentures (CCDs). The investment is aimed at strengthening Fujiyama’s backward integration strategy and enhancing synergies across its solar manufacturing value chain.
Under the agreement, Fujiyama Power Systems will subscribe to 833 CCDs of Zayo Energy at ₹60,093 per debenture, taking the total investment to ₹5,00,57,469. The transaction has received approval from the company’s Board of Directors and is expected to be completed within 60 days from the date of approval.
Zayo Energy operates in the solar manufacturing ecosystem and produces a range of components, including PV ribbon wires, PV busbars, copper wires, solder bars and wires, aluminium frames, EVA sheets, junction boxes and backsheets. These products form an important part of the solar module manufacturing supply chain.
Fujiyama Power Systems currently holds a 50% stake in Zayo Energy. The company stated that the CCD subscription will not immediately alter its shareholding structure. However, the shareholding is expected to change when the CCDs are converted into equity shares according to the agreed terms.
The investment is expected to give Fujiyama greater control over key solar manufacturing inputs while supporting supply-chain integration. The move also reflects the company’s broader efforts to expand its capabilities across India’s renewable energy and solar manufacturing ecosystem.
