New Delhi: In a significant move towards advancing smart metering projects both in India and on a global scale, Adani Energy Solutions Ltd's wholly owned subsidiary, Adani Transmission Step-Four, has joined forces with Esyasoft Holdings from the UAE. The Adani Group company will hold 49% stake in the joint venture, while Esyasoft will own 51%. Both entities will have an equal representation on the board of directors, according to an exchange filing.
This collaboration marks a pivotal step for the two entities as they plan to collectively bid for and implement smart metering projects in both the Indian and global markets. With a workforce of approximately 100 experts strategically located in India, the UAE, the UK, and KSA, the joint venture is well-equipped to serve major Indian discoms, Scottish Gas, and prominent UAE-based utilities such as FEWA, DEWA, SEWA, and ADDC.
The announcement also highlights the deepening relationship between Adani and Abu Dhabi's International Holding Co., a key shareholder in Esyasoft through its subsidiary, Sirius International Holdings.
Kandarp Patel, Chief Executive Officer at Adani Energy Solutions, expressed enthusiasm about the collaboration, stating, "The joint venture will provide critical and integrated solutions for the seamless national rollout of our smart metering business. Besides giving us a strong execution edge locally, the JV will open up new vistas in international geographies where the smart metering concept is gaining traction and will aggressively pursue such opportunities."
Shares of Adani Energy Solutions were trading 1.44% higher at Rs 1056 apiece, compared to a 0.67% advance in the NSE Nifty 50 as of 2.45 pm.