Adani Total Gas acquires 50 percent stake in Smartmeters Technologies

Monday, 23 Aug 2021

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Adani Total Gas, the city gas joint venture of Adani Group and TotalEnergies of France, has acquired 50 percent stake in a company that manufactures gas meters to aid its gas retailing business. The firm bought 50 percent in Smartmeters Technologies (SMTPL) for Rs one crore.

The objective of the acquisition is to manufacture gas meters with a focus on prepaid smart meters. The acquisition is expected to be completed by September 2021.

Adani Total Gas retails CNG to automobiles and piped natural gas to household kitchens and industries.

The cost to acquire 50 percent stake in SMTPL will be Rs one crore i.e. 10 lakh equity shares of Rs 10 each by way of further issuance of equity shares by SMTPL.