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.
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.