Kaynes Technology has acquired 100% ownership of smart meter company Iskraemeco India, previously held by Iskraemeco Switzerland A.G. and Iskraemeco Merjenje, for Rs 43 crore. This acquisition strengthens Kaynes Tech’s portfolio in energy management solutions, expanding its product and service offerings.
Iskraemeco India is engaged in supplying, installing, operating and maintaining smart meters. The company had reported a turnover of Rs 65.42 crore in the last fiscal year.
Kaynes Tech confirmed the purchase of 4.29 crore equity shares of Rs 10 each, aggregating into Rs 42.98 crore in overall consideration.
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Source: Moneycontrol
News Desk
