Power Generation Undergoing Growth in India
Eon Electric, formerly Indo Asian Fusegear, announced it is demerging its energy meter and power generation business, effective April 1, 2012. The demerged business will be handled by a separate entity named Advance Metering Technology Ltd (AMTL), which will be listed on the Bombay Stock Exchange and the National Stock Exchange.
The decision to demerge the metering and power business was undertaken in order to help each segment of the business evolve and grow, Eon Electric chairman and managing director V.P. Mahendru said in a statement.
The company reports it will continue to carry on the existing businesses of wires and cables, wiring accessories, energy-efficient light sources, luminaries, and also venture into new businesses.
The new entity, AMTL, will continue to pursue energy meters, power generation, energy management services and related businesses.
AMTL chairman and managing director, P.K. Ranade, notes, “Metering and power generation and energy management require a totally different strategic approach. To capitalize on the business potential in these two segments, the decision to demerge these verticals has been implemented.”
Advance Metering Technology (AMTL) manufactures downstream electrical equipment, with operations in India and overseas. AMTL operates under the brands Eon Electric, Indo Asian, and EcoSmart for our products in the Domestic Indian Market and Export Market. The company has manufacturing facilities for cables, energy meters, energy efficient lighting and home automation in North India, as well as manufacturing operations in Saudi Arabia for high power energy efficient light sources. The company has also incorporated a Power Division to develop the business of power production as an independent power producer (IPP).