- December 27, 2023
Adani Energy solutions’ subsidiary to form joint-venture with UAE-based EHL | Ahmedabad News – Times of India
AHMEDABAD: Adani Transmission Step-Four Limited (ATSFL), a subsidiary of Adani Group’s transmission and distribution arm, Adani Energy Solutions Limited (ASEL), on Wednesday announced that it will sign a joint-venture with UAE-based Esyasoft holdings (EHL) to implement smart metering projects in India and abroad. As part of the joint venture partnership, ATSFL will hold 49% stake whereas EHL will hold 51% stake, according to ASEL’s regulatory filing.
The transaction deepens the relationship between Adani and Abu Dhabi’s International Holding Company (IHC), as IHC is a major shareholder in Esyasoft through its subsidiary Sirius International Holdings.
India’s smart metering business market size is expected to cater to about 25 crore premises, of which tenders for 8 crore meters are yet to be floated, indicating enough growth opportunity in the future, according to the company.
The agreement has been entered into to enable, inter alia, licensing by EHL to intellectual property rights (IPRs) of software products/solutions for smart meters and other industrial applications and further development of such products/solutions by a joint venture company of ATSFL and EHL, the company said in its stock exchange stated.
“AESL is very happy to partner with Esyasoft to create a niche joint venture to 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,” said Kandarp Patel, CEO, AESL.
AESL has an order book of about 2 crore smart meters from discoms like BEST Mumbai (10.8 lakh), Maharashtra discom (1.15 crore), Uttarakhand (6.5 lakh), Andhra Pradesh (41.2 lakh), Bihar (28.4 lakh) and Assam (7.8 lakh) and more are likely to get added.
“Esyasoft is one of the leading smart metering platforms and solutions providers globally, with 25+ million consumer endpoints serving in 10+ countries. With this partnership, we will add an additional 30 million end points. Additionally, Esyasoft also has solutions for renewable energy, energy efficiency, EV charging, analytics and AI tools, among others, which we are confident of offering to other Adani group companies,” said Ajay Bhatia, Group CEO, Sirius International Holding, Esyasoft’s major shareholder.
The transaction deepens the relationship between Adani and Abu Dhabi’s International Holding Company (IHC), as IHC is a major shareholder in Esyasoft through its subsidiary Sirius International Holdings.
India’s smart metering business market size is expected to cater to about 25 crore premises, of which tenders for 8 crore meters are yet to be floated, indicating enough growth opportunity in the future, according to the company.
The agreement has been entered into to enable, inter alia, licensing by EHL to intellectual property rights (IPRs) of software products/solutions for smart meters and other industrial applications and further development of such products/solutions by a joint venture company of ATSFL and EHL, the company said in its stock exchange stated.
“AESL is very happy to partner with Esyasoft to create a niche joint venture to 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,” said Kandarp Patel, CEO, AESL.
AESL has an order book of about 2 crore smart meters from discoms like BEST Mumbai (10.8 lakh), Maharashtra discom (1.15 crore), Uttarakhand (6.5 lakh), Andhra Pradesh (41.2 lakh), Bihar (28.4 lakh) and Assam (7.8 lakh) and more are likely to get added.
“Esyasoft is one of the leading smart metering platforms and solutions providers globally, with 25+ million consumer endpoints serving in 10+ countries. With this partnership, we will add an additional 30 million end points. Additionally, Esyasoft also has solutions for renewable energy, energy efficiency, EV charging, analytics and AI tools, among others, which we are confident of offering to other Adani group companies,” said Ajay Bhatia, Group CEO, Sirius International Holding, Esyasoft’s major shareholder.
