Adani Energy forms JV with Abu Dhabi's IHC-backed firm for smart-meter business
Adani Energy Solutions has partnered with a business backed by Abu Dhabi's International Holding Company (IHC) in order to expand its smart meter business in India and around the world, the company announced in a statement on Wednesday.
The UAE-based Esyasoft Holdings, which is primarily controlled by IHC, a current investor in Adani group firms, was acquired by a subsidiary of the Indian power distribution company, according to the announcement.
Adani Energy has received contracts to install 20 million smart meters from several electricity distribution companies in India; the company did not disclose the amount of investment.
Adani Energy stated in a statement that it hoped to use Esyasoft's network in more than 10 countries to develop globally through the joint venture and to bolster its local smart meter business.
In an effort to increase the operational effectiveness and long-term financial viability of power distribution businesses, the Indian government has been pressuring the installation of smart metres and introduced the Revamped Distribution Sector Scheme last year.
Smart meters give consumers access to real-time data on energy usage, enabling them to make educated decisions about their usage.
According to a statement by Adani Energy, the Indian government intends to build 250 million meters nationwide by 2025; of those, tenders for 80 million meters have not yet been released, suggesting room for expansion.
