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Fujiyama Power Systems to Invest INR 5 Crore in Associate Company Zayo Energy via CCDs

Fujiyama Power Systems has announced an INR 5.01 crore investment through a CCD subscription in associate Zayo Energy, which manufactures PV ribbon wires, busbars, copper wires, solder bars and wires, aluminium frames, EVA sheets, junction boxes and backsheets, to strengthen backward integration across its solar manufacturing value chain.

September 09, 2026. By Mrinmoy Dey

Fujiyama Power Systems (Fujiyama Solar) has announced that the company has entered into a Compulsorily Convertible Debenture (CCD) Subscription Agreement with its associate company Zayo Energy (ZEPL), committing an investment of INR 5.01 crore.

Under the agreement, Fujiyama Power Systems will subscribe to 833 CCDs of ZEPL at INR 60,093 per debenture, aggregating to INR 5,00,57,469. The transaction was approved by the company's Board of Directors and is expected to be completed within 60 days from the date of approval, the company stated.

Zayo Energy operates in the solar manufacturing ecosystem, with a focus on PV ribbon wire, PV busbars, copper wires, solder bars and solder wires, as well as aluminium frames used in solar panels. Its manufacturing portfolio also includes products such as EVA sheets, junction boxes and backsheets.

The investment is aimed at enabling backward integration of Fujiyama's solar manufacturing value chain, while creating operational and strategic synergies across the businesses. According to the company's regulatory disclosure, ZEPL operates in the same line of business as Fujiyama Power Systems.

Fujiyama Power Systems currently holds 50 percent of Zayo Energy. The company said that there will be no immediate change in its shareholding structure following the subscription to the CCDs; however, the shareholding is expected to change upon conversion of the CCDs into equity shares, in accordance with the agreed terms.

The investment comes as Fujiyama continues to build capabilities across the renewable energy and solar manufacturing ecosystem. The proposed integration of solar component manufacturing capabilities is expected to strengthen the company's supply chain and provide greater control over key inputs used in solar panel manufacturing, it said.

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Investment & Trading

Fujiyama Power Systems

Fujiyama Solar

Zayo Energy

Backward integration

Compulsorily Convertible Debenture