Adani Total Gas Ltd – town fuel three way partnership of Adani Group and TotalEnergies of France – has acquired 50 per cent stake in an organization that manufactures fuel meters to assist its fuel retailing enterprise.
The agency purchased 50 per cent in Smartmeters Technologies Pvt Ltd(SMTPL) for Rs 1 crore, in keeping with an organization’s submitting to inventory exchanges.
Smartmeters, which had a turnover of Rs 4.83 crore within the 12 months as much as March 31, 2021, manufactures fuel meters that are used to measure consumption of fuel piped into family kitchens.
The goal of the acquisition is “to manufacture gas meters with a focus on prepaid smart meters,” Adani Total Gas mentioned.
The acquisition, it mentioned, is predicted to be accomplished by September.
Adani Total Gas retails CNG to vehicles and piped pure fuel to family 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.