For 43 crore, Kaynes Technology has announced that it has acquired all of Iskraemeco India, a business that specializes in smart meter solutions. Through the acquisition, Kaynes Tech hopes to enhance its energy management portfolio and broaden its selection of smart metering products. Iskraemeco Switzerland A.G. and Iskraemeco Merjenje were the previous owners of Iskraemeco India.
Overview of Iskraemeco India
Iskraemeco India is a company that provides, installs, uses, and maintains smart meters. The company’s 265.42 crore turnover in the most recent fiscal year demonstrated its consistent presence in the smart metering sector.
Acquisition Details
- Kaynes Technology would purchase 4.29 crore equity shares, valued at 210 per share, from Iskraemeco India.
- With a total transaction value of €42.98 crore, Kaynes Tech has effectively acquired full ownership of the target company.
Strategic Importance
The acquisition is thought to be Kaynes Technology’s calculated move to strengthen its position in the expanding smart meter and energy management sector. Through the integration of Iskraemeco’s resources and skills, Kaynes hopes to strengthen its production capabilities, extend its market share in the energy solutions industry, and enhance its supply chain.
It is anticipated that this acquisition will improve Kaynes Technology’s capacity to provide cutting-edge energy management services, ultimately assisting in meeting the increasing demand for intelligent energy solutions from a variety of industries.
Do Follow: CIO News LinkedIn Account | CIO News Facebook | CIO News Youtube | CIO News Twitter
About us:
CIO News is the premier platform dedicated to delivering the latest news, updates, and insights from the CIO industry. As a trusted source in the technology and IT sector, we provide a comprehensive resource for executives and professionals seeking to stay informed and ahead of the curve. With a focus on cutting-edge developments and trends, CIO News serves as your go-to destination for staying abreast of the rapidly evolving landscape of technology and IT. Founded in June 2020, CIO News has rapidly evolved with ambitious growth plans to expand globally, targeting markets in the Middle East & Africa, ASEAN, USA, and the UK.
CIO News is a proprietary of Mercadeo Multiventures Pvt Ltd.
