Mysore-based electronics manufacturer  Kaynes Technology has acquired 100% of smart meter company Iskraemeco India, previously held by Iskraemeco Switzerland and Iskraemeco Merjenje, for ₹430 million (~$5.13 million).

Iskraemeco India is engaged in supplying, installing, operating, and maintaining smart meters. The company’s total turnover in 2024 is ₹654.2 million (~$7.81 million).

Kaynes Technology said in a regulatory filing that the acquisition will increase the company’s product line and service offerings.

The acquisition is expected to be completed within 30 days of executing the share purchase agreement (SPA).

Kaynes Technology is an end-to-end and IoT solutions-enabled integrated electronics manufacturer.

The company provides conceptual design, process engineering, integrated manufacturing, and life cycle support for companies in the automotive, industrial, aerospace, and defense sectors.

In 2023, Kaynes was among companies, including Tristar Global and Cognizant, in an all-equity funding round that helped Raptee, an electric motorcycle startup, secure $3 million in its Pre-Series A funding round led by Bluehill Capital, a deep-tech venture capital firm.

Under the Ministry of Power’s prepaid smart metering intervention, 197.92 million prepaid smart meters, 5.22 million distribution transformer meters, and 188,491 feeder meters worth a total ₹1.3 trillion (~$15.61 billion) have been approved by 2023. The prepaid smart meter program has an outlay of ₹1.5 trillion (~$18.01 billion) with a government budgetary support of ₹230 billion (~$2.76 billion) and a target of installing 250 million prepaid smart meters.

Telecommunications Consultants India recently invited bids to select a consortium partner for the supply, installation, system integration, operation, and maintenance of smart meters, head-end system software, and a radio frequency/cellular communication network as part of the advanced metering infrastructure project in Kerala State Electricity Board-Phase-1.

Rajasthan-based smart metering solutions company Genus Power Infrastructures was awarded contracts worth ₹29.26 billion (~$348.6 million) for the supply of 3.75 million smart meters and system meters.