New Delhi, India ---- (METERING.COM) --- August 7, 2008 - ICSA India Ltd., which provides embedded technology solutions for the power sector, has entered into a Memorandum of Agreement with Delhi-based ECE Industries Ltd. to acquire the entire machinery and equipment along with available drawings, design and data pertaining to the manufacture of energy meters from their Hyderabad-based plant.
The transaction, with a value of Rs. 4 crores (US$0.95 million), will enable ICSA to manufacture energy meters on its own. ICSA will use the brand name of ECE for about six months, after which the meters will be marketed under ICSA brand.
“This move would help us gain further fillip in the industry. We shall be adding more features to the existing product and turning the energy meters into smart meters, thereby making the product more viable for the consumer,” said Mr. C. Bala Reddy, CMD, ICSA India Ltd.
In terms of the Agreement ECE will not venture into the energy meter business for a period of 5 years.
ICSA (India) Ltd is in the business of construction of power transmission lines and substations, as well as provision of embedded technology for the power sector. Its products are applicable in the fields of energy management, energy audit, and control applications.