Adani Total Gas acquires 50% stake in Smartmeters Technologies
PremiumAdani Total Gas said the acquisition is expected to be completed by next month
NEW DELHI : City gas distributor Adani Total Gas Ltd on Friday said it has acquired 50% stake in Smartmeters Technologies to aid its gas retailing business.
Adani Total Gas bought 50% in Smartmeters Technologies Pvt Ltd (SMTPL) for ₹1 crore i.e 10,00,000 equity shares of ₹10 each by way of further issuance of equity shares by SMTPL, according to filing to stock exchanges.
Adani Total Gas said the acquisition is expected to be completed by next month.
The objective of the acquisition is “to manufacture gas meters with a focus on prepaid smart meters," the company said. There are no governmental or regulatory approvals required for the acquisition, the firm added.
The company further said the acquisition does not fall within related party transaction(s) and the promoter/promoter group/group companies don’t have any interest in the entity acquired.
Smartmeters, which had a turnover of ₹4.83 crore in the year up to Mar 31, 2021, was incorporated on 7 Oct, 2019 and engaged in the business of manufacturing smart measuring instruments like prepaid smart gas meter, AMR etc., and its allied products with end-to-end solutions.
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