New Delhi [India], December 27 : Adani Energy Solutions has formed a joint venture (49:51) with UAE-based Esyasoft Holdings for implementing smart metering projects in India and other countries.
Adani Energy Solutions, a leading private transmission and distribution company, is a part of the globally diversified Adani portfolio.
Through its wholly owned subsidiary, Adani Transmission Step-Four Limited, Adani Energy Solutions has acquired a 49 per cent stake in Esyasoft Holdings Ltd.'s smart metering solutions arm; the entity has been renamed Adani Esyasoft Smart Solutions Ltd.
In a press release, it said this 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.
Besides serving Adani Energy Solutions' current and future needs, the joint venture will also bid for and execute Indian and global orders. It has about 100 experts spread across India, the UAE, the UK, and Saudi Arabia (KSA), serving major Indian discoms, Scottish Gas, and UAE-based utilities.
The products of Esyasoft, a provider of cloud and IoT-based energy management solutions, have been catering to the energy automation sector.
It has a rich repository of IP (intellectual property) and has been offering solutions for smart utilities including meter data management system, headend system, peak load management, energy audit, metering, billing and collection, mobility solutions, big data analytics in load forecasting, theft analysis, consumer behavior analysis, and GIS.
"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, Adani Energy Solutions.
Adani Energy Solutions has an order book of about two crore smart meters from power distributing companies 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.
The company's own distribution arm Adani Electricity Mumbai has already installed a majority of its 7 lakh smart metres planned in phase 1.
India's smart metering business market size is expected to cater to about 25 crore premises, of which tenders for 8 crore metres are yet to be floated, indicating enough growth opportunity in the future, the press release added.
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