Adani Energy Solutions has formed a joint venture with a company backed by Abu Dhabi’s International Holding Company (IHC) to grow its smart meter business in India and globally, the company said in statement on Wednesday.
The Indian power distribution company said its subsidiary acquired 49% stake in UAE-based Esyasoft Holdings, which is majority owned by IHC, an existing investor in Adani group companies.
Adani Energy, which did not disclose investment figures, has orders to install 20 million smart meters from various power distribution companies in India.
Through the joint venture, Adani Energy is hoping to strengthen its domestic smart meter business as well as expand globally using Esyasoft's network in more than ten countries, it said in statement.
The Indian government has been pushing for the installation of smart meters and last year launched the Revamped Distribution Sector Scheme aimed at improving the operational efficiencies and financial sustainability of power distribution companies.
Smart meters provide real-time energy usage data allowing users to make informed decision on their consumption.
The Indian government plans to install 250 million meters across the country by 2025, of which tenders for 80 million meters are yet to be floated, indicating growth opportunities, Adani Energy said in a statement.
