Adani Total Gas buys 50% stake in gas meter manufacturing firm
Adani Full Fuel Ltd – the metropolis gasoline joint undertaking of Adani Team and TotalEnergies of France – has obtained 50 per cent stake in a business that manufactures gasoline meters to support its gasoline retailing business enterprise.
The firm acquired 50 per cent in Smartmeters Systems Pvt Ltd(SMTPL) for Rs one crore, according to a firm’s submitting to stock exchanges.
Smartmeters, which experienced a turnover of Rs four.83 crore in the year up to March 31, 2021, manufactures gasoline meters which are utilized to measure use of gasoline piped into home kitchens.
The objective of the acquisition is “to manufacture gasoline meters with a concentrate on prepaid good meters,” Adani Full Fuel stated.
The acquisition, it stated, is expected to be completed by September.
Adani Full Fuel retails CNG to vehicles and piped all-natural gasoline to home kitchens and industries.
“The cost to obtain 50 per cent stake in SMTPL will be Rs one.00 crore i.e. ten lakhs fairness shares of Rs 10 each and every by way of more issuance of fairness shares by SMTPL,” it added.
(Only the headline and photograph of this report may possibly have been reworked by the Small business Standard personnel the rest of the content is auto-generated from a syndicated feed.)
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