Adani Total Gas Ltd, the city gas joint venture of Adani Group and TotalEnergies of France, has acquired a 50 per cent stake in a company that manufactures gas meters to aid its gas retailing business.
The firm bought the stake in Smartmeters Technologies Pvt Ltd (SMTPL) for Rs 1 crore, the firm said in a stock exchange filing.
Smartmeters, which had a turnover of Rs 4.83 crore in the year till March 31, 2021, manufactures gas meters which are used to measure the consumption of gas piped to household kitchens.
The objective of the acquisition is “to manufacture gas meters with a focus on prepaid smart meters”, the company said. There are no government or regulatory approvals required for the acquisition, the firm added.
The company further said the acquisition does not fall within related party transaction(s) and the promoter/promoter group/group companies don’t have any interest in the entity acquired. 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.