Adani Energy Solutions' wholly-owned subsidiary Adani Transmission Step-Four Ltd (ATSFL) has entered into a definitive agreement to establish a 49:51 joint venture with UAE-based Esyasoft Holding Limited (EHL). This JV aims to implement Smart Metering projects in India and globally.

“Adani Transmission Step-Four Limited has entered into a definitive agreement on 26th December, 2023 (12.30 p.m. IST) for formation of 49:51 JV with UAE-based Esyasoft Holdings, to implement Smart Metering projects in India and globally,” Adani Energy says via a stock exchange filing.

Regarding the UAE joint venture, an agreement has been reached to facilitate licensing of intellectual property rights (IPRs) by EHL to the software products and solutions designed for smart meters and other industrial applications. The JV company of ATSFL and EHL will further develop these products.

“ATSFL and EHL to hold 49% and 51% shareholding respectively in the proposed JVCo with equal participation in the Board of Directors of the Company,” it reports.

Shares of Adani Energy Solutions (AESL) rose over 4% today at ₹1,059.95 after it announced the signing of an agreement with EHL to execute smart metering projects in the home country and globally, and that it won 7GW Renewable Energy Evacuation Transmission Network in National Grid Evacuation.

AESL has received the Letter of Intent (LoI) for Halvad Transmission Ltd's (HTL) aquisition from PFC Consulting Ltd. HTL, a special purpose vehicle (SPV), established by PFCCL serves the purpose of evacuating 7 GW of Renewable Energy (RE) from Khavda RE park, as part of Phase III Part A package. The company secured the project via Tariff-Based Competitive Bidding (TBCB) process and is set to commission the project within the next 24 months on a Build, Own, Operate, and Maintain (BOOM) basis.

Esyasoft Holding

Adani Energy arm forms JV with UAE firm for smart metering