IHC unit and India’s Adani launch smart meter business

REUTERS/Phil Noble

India’s Adani Energy Solutions has formed a joint venture with Abu Dhabi’s Esyasoft Holdings to expand its smart meter business in India and globally.

Adani Transmission Step-Four, a wholly owned subsidiary of Adani Energy, has acquired a 49 percent stake in Esyasoft Holdings’s smart metering solutions arm. Esyasoft holds the remaining 51 percent stake.

The renamed entity, Adani Esyasoft Smart Solutions, will bid for and execute Indian and global orders, Adani Energy said in a statement.

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Esyasoft is a smart metering platform and solutions provider globally, with more than 25 million consumer end points serving in around a dozen countries.

“With this partnership, we will add an additional 30 million end points,” said Ajay Bhatia, the group CEO of Sirius International Holding, a subsidiary of Abu Dhabi’s International Holding Company, and Esyasoft’s major shareholder.

Esyasoft has solutions for renewable energy, energy efficiency, EV charging, analytics, and AI tools, “which we are confident of offering to other Adani group companies,” Bhatia said.

Order book

Adani Energy has an order book to install 20 million smart meters from several electricity distribution companies in India.

In October, IHC increased its stake in Adani Enterprises to more than five percent, estimated at ₹1.54 billion ($18.46 million).

Last year, the Abu Dhabi company invested $2 billion in three Adani Group firms, Adani Green Energy, Adani Energy Solutions, and Adani Enterprises.

In January it invested $400 million in Adani Enterprises’ public offer, which Adani Group’ head’s chair, Gautam Adani later called off.

IHC is part of a business conglomerate led by its chair, Sheikh Tahnoon bin Zayed Al Nahyan, the UAE’s national security adviser and brother of President Sheikh Mohammed bin Zayed Al Nahyan.