Kaynes Technology Acquires Iskraemeco India

03 Oct 2024 CW Team

Kaynes Technology, an established electronics manufacturer based in Mysore, has announced its acquisition of Iskraemeco India for Rs.430 million (approximately $5.13 million). Iskraemeco, known for its smart metering solutions, provides comprehensive services that include installation and maintenance. This strategic acquisition aims to strengthen Kaynes Technology’s position in the rapidly expanding energy sector, where demand for smart metering is on the rise due to the push for efficiency and advanced energy management.

In the fiscal year 2024, Iskraemeco India achieved a turnover of Rs.654.2 million (about $7.81 million), reflecting its solid market presence. By integrating Iskraemeco’s innovative solutions, Kaynes Technology plans to enhance its product offerings and service capabilities, positioning itself favorably in the competitive landscape of smart grid technologies.

The deal is expected to be finalized within 30 days following the signing of the share purchase agreement (SPA), marking a significant step for Kaynes Technology in expanding its footprint in the renewable energy and smart metering domains. The acquisition aligns with the broader industry trend toward digitization and modernization of utility services, catering to the evolving needs of consumers and energy providers alike.

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