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Indian-French JV takes 50% stake in Ahmedabad’s Smartmeters
Adani Total Gas Ltd, an Indian-French private sector joint venture, has acquired 50% stake in Ahmedabad-based Smartmeters Technologies Pvt Ltd (SMTPL) for Rs.1 crore, according to a company’s filing to stock exchanges on 21 Aug 2021.
The acquisition is expected to be completed by September, said the city gas joint venture of Adani Group and TotalEnergies of France.
The acquisition is to get into gas meter manufacturing with a focus on prepaid smart meters, said Adani Total Gas.
Smartmeters, which had a turnover of Rs.4.83 crore in the year up to 31 March 2021, manufactures gas meters to measure consumption of gas piped into household kitchens.
Adani Total Gas retails CNG to automobiles and piped natural gas to household kitchens and industries.
“The cost to acquire 50 per cent stake in SMTPL will be Rs 1.00 crore i.e. ten lakhs equity shares of Rs 10 each by way of further issuance of equity shares by SMTPL,” said the joint venture. #investment #manufacturing /fiinews.com
