Kaynes Technolgy Acquires Iskraemeco India
Kaynes Technology India Ltd. has announced its acquisition of Iskraemeco India Pvt. Ltd., a prominent player in the smart meter sector, for INR 42.98 crore. The move aims to enhance Kaynes' product offerings and is set to be completed within 30 days, following the execution of a Share Purchase Agreement.
October 01, 2024. By EI News Network
The acquisition, valued at INR 42.98 crore, involves the purchase of 4,29,85,975 equity shares of INR 10 each, representing the entire issued and paid-up share capital of Iskraemeco India.
Iskraemeco India Pvt. Ltd. has established itself in the smart meter industry, reporting a turnover of INR 65.42 crore for the financial year ending March 31, 2024. This acquisition is expected to significantly bolster Kaynes Technology's product line and service offerings, thereby enhancing its competitive edge in the market. The company aims to leverage Iskraemeco's expertise to provide improved services to its customers.
The acquisition is anticipated to be completed within 30 days of the execution of the Share Purchase Agreement (SPA), marking a strategic move for Kaynes Technology as it continues to expand its presence in the smart meter solutions sector.
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