Adani Energy Solutions Ltd.'s wholly owned subsidiary Adani Transmission Step-Four and Esyasoft Holdings of the UAE will set up a joint venture to implement smart metering projects in India and globally.
While the Adani Group company will hold 49%, Esyasoft will own 51% in the joint venture, with equal participation in the board of directors, according to an exchange filing.
The joint venture will also bid for and execute Indian and global orders. It has about 100 experts spread across India, the UAE, the UK, and KSA, serving major Indian discoms, Scottish Gas, and UAE-based utilities like FEWA, DEWA, SEWA and ADDC.
The transaction deepens the relationship between Adani and Abu Dhabi's International Holding Co., a major shareholder in Esyasoft through its subsidiary Sirius International Holdings, the release said.
The joint venture will provide "critical and integrated solutions for the seamless national rollout of our smart metering business", said Kandarp Patel, chief executive officer at Adani Energy Solutions. "Besides giving us a strong execution edge locally, the JV will open up new vistas in international geographies where the smart metering concept is gaining traction and will aggressively pursue such opportunities."
Shares of Adani Energy Solutions were trading 1.23% higher at Rs 1054 apiece, compared to a 0.45% advance in the NSE Nifty 50 as of 1:53 p.m.
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