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Adani Group Total Gas acquires 50% stake in Smartmeters Technologies

August 23, 2021 01:44 PM

Adani Total Gas acquires 50% stake in Smartmeters Technologies
Adani Total Gas Ltd - the city gas joint venture of Adani Group and TotalEnergies of France - has acquired 50 per cent stake in a company.

Adani Total Gas Ltd – the city gas joint venture of Adani Group and TotalEnergies of France – has acquired 50 per cent stake in a company that manufactures gas meters to aid its gas retailing business. The firm bought 50 per cent in Smartmeters Technologies Pvt Ltd(SMTPL) for Rs 1 crore, according to a company’s filing to stock exchanges.

Smartmeters, which had a turnover of Rs 4.83 crore in the year up to March 31, 2021, manufactures gas meters which are used to measure consumption of gas piped into household kitchens. The objective of the acquisition is “to manufacture gas meters with a focus on prepaid smart meters,” Adani Total Gas said.

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Adani Group: The acquisition, it said, is expected to be completed by September. 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,” it added.

Adani Group is an Indian multinational conglomerate, headquartered in Ahmedabad. It was founded by Gautam Adani in 1988 as a commodity trading business, with the flagship company Adani Enterprises Limited (previously Adani Exports Limited).

The Group’s diverse businesses include port management, electric power generation and transmission, renewable energy, mining, airport operations, natural gas, food processing and infrastructure.  The group has annual revenue of over US$15 billion with operations at 70 locations in 50 countries.

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