Adani Total Gas has executed a Share Subscription and Shareholders' Agreement (SSSA) with GSEC and Smartmeters Technologies (SMTPL) to acquire 50% stake in Smartmeters Technologies. The cost to acquire 50% stake in SMTPL will be Rs 1 crore i.e. 10,00,000 Equity Shares of Rs 10 each by way of further issuance of equity shares by SMTPL. The objects of acquisition is to manufacture gas meters with a focus on prepaid smart meters. The acquisition is expected to be completed by September, 2021.
The company is developing City Gas Distribution (CGD) Networks to supply the Piped Natural Gas (PNG) to the Industrial, Commercial, Domestic (residential) and Compressed Natural Gas (CNG) to the transport sector.
