New Delhi, Jan. 21 -- Smart meter maker Genus Power Infrastructures Ltd will acquire the 86.49% stake it doesn't already own in smaller peer Newlectric Innovation Pvt Ltd for Rs 25.23 crore ($2.7 million) in cash.
The acquisition aligns with the company's strategic objectives as it would enable the consolidation of operations, optimize production capacity utilization, and enhance operational efficiency, Genus said in a stock-exchange filing.
The company said that, following this deal, it will be "well-positioned to scale up production capacity in response to current order book and future business growth."
Genus Power had received a 13.51% stake in Newlectric when it demerged the electric energy meter business of unit Genus Innovation Ltd during 2024-25.
Newlectric Innovation was set up in November 2021 and makes smart electricity meters. It reported revenue of Rs 10.92 crore in 2024-25, down from Rs 43.27 crore in 2023-24 and Rs 64.24 crore in 2022-23.
Mumbai-listed Genus Power counts Singapore sovereign wealth fund GIC as an investor with a 15.11% stake as of December 31. In 2023, the company formed a $2-billion platform with GIC to take up smart metering projects in India.
Published by HT Digital Content Services with permission from VC Circle.