Part of the Adani Group, Adani Transmission Ltd. (ATL) announced on Thursday that it has secured an order to install and maintain 10.8 lakh smart meters for BEST Mumbai, a civic transport and electricity provider public body.
Gujarat-headquartered ATL is one of India’s largest private-sector power transmission companies. It establishes, commissions, operates and maintains electric power transmission systems.
It owns a large portfolio of 18,795 ckm of transmission lines and 40,001 MVA of power transformation capacity. Additionally, ATL is also involved in the business of energy distribution through well-integrated utilities in Mumbai and Mundra SEZ area.
Brihanmumbai Electricity Supply and Transport Undertaking (BEST) is a public sector organisation that supplies electricity in Mumbai. BEST uses power companies such as Adani Electricity, Tata Power and others for the service.
ATL noted in a press release that the contract will include the setting up of the smart meters over 30 months followed by their maintenance for 90 months.
The order has been valued at Rs. 1,300 crore and will involve multi-year engagement from the company. BEST smart metres will allow online monitoring of power consumption, pre-paid billing and net metering for societies and buildings with roof-top solar facilities.
On the development, Kandarp Patel, CEO of Adani Electricity commented, “This is yet another accretive initiative for us, as we secure our first competitively bid smart metering project under our Distribution Platform and embark on a trusted partnership with BEST Undertaking.”
Earlier this year, Adani Transmission noted in its investor presentation that the smart-metering opportunity is a large market with an estimated size of 25 crore metres. It shall require an investment of Rs. 2.2 lakh crore or the US $ 29 billion by FY26.
As of 12:15 IST. Adani Transmission was trading at Rs. 3,242 per share, down 0.84% for the day. Analysts at Ventura Securities have given a price target of Rs. 4,172 per share, signalling a potential upside of 29% for the investors.
Written By – Vikalp Mishra
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