Kaynes Technology has acquired 100% of smart meter company Iskraemeco India, previously held by Iskraemeco Switzerland A.G. and Iskraemeco Merjenje. This strategic acquisition, at a cost of Rs 43 crore, is expected to boost Kaynes Tech's products and services in energy management solutions.
Iskraemeco India is into the business of supply, installation, operations and maintenance of smart meters. Last financial year, the company's turnover was Rs 65.42 crore.
"100% of the target company's shares will be acquired by the Company by acquiring 4.29 crore Equity Shares of Rs 10/- each at Face Value for an aggregate consideration amounting to Rs 42.98 crore," Kaynes Technology said in a statement.
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