Kaynes Technology India Limited (NSE: KAYNES), a leading provider of electronic manufacturing services, announced today the acquisition of 100% shareholding in Iskraemeco India Private Limited for a cash consideration of ₹42.98 Crore. The acquisition is set to be completed within 30 days, following the execution of a Share Purchase Agreement (SPA) on September 28, 2024.
Iskraemeco India, a key player in the smart meter solutions sector, generated a turnover of ₹65.42 Crore for the financial year ending March 31, 2024. The acquisition will further enhance Kaynes Technology’s product line and service offerings, strengthening its foothold in the smart meter installation and maintenance industry in India.
Key Details of the Acquisition:
- Target Company: Iskraemeco India Private Limited
- Industry: Smart Meter Solutions and Services
- Transaction Type: 100% acquisition through a cash deal worth ₹42.98 Crore.
- Shares Acquired: 4.29 crore equity shares of ₹10 each.
- Timeline: Completion expected within 30 days from the signing of the SPA.
- Acquiring Entity: Kaynes Technology India Limited.
Upon completion of this acquisition, Iskraemeco India will become a wholly-owned subsidiary of Kaynes Technology. The acquisition aligns with Kaynes’ strategy to diversify its offerings and expand its presence in the rapidly growing smart meter industry in India.
This acquisition does not involve any related party transactions, and no governmental or regulatory approvals are required for its completion.
