Switzerland-based Iskraemeco Group, after selling its smart meter manufacturing unit in India to Kaynes Technology India Ltd, has announced plans to set up a new software development centre in India. The centre will focus on electricity metering and data processing, reinforcing Iskraemeco’s ongoing presence in the country.
The sale of Iskraemeco India aligns with the group’s strategy to emphasize digital energy and water management solutions using platforms like Symbiot Head-End Systems (HES) and Symbiot Meter Data Management (MDM). Iskraemeco and Kaynes Technology are also exploring further collaborations for innovative energy solutions, with potential expansion in Indian and global markets.
Kaynes Technology acquired 100% equity in Iskraemeco India Pvt Ltd for Rs 429.8 million, aiming to establish a foothold in the smart meter manufacturing sector. Previously, Kaynes had been supplying electronics and design services to Iskraemeco India. Following the acquisition, Kaynes will fulfil orders including a 3.5 million smart meter contract from Power Grid Corporation of India Ltd (PGCIL) for deployment in Gujarat.
Despite the acquisition, Iskraemeco-branded meters will continue to be produced as Kaynes Technology expects to leverage the existing brand and scale to secure further orders.