Eon Electric’s demerged unit Advance Metering Technology may be listed in two months

Eon Electric’s recently demerged entity — Advance Metering Technology — may be listed on the stock exchanges in the next two months, a company official said.

Earlier this month, Eon Electric, formerly known as Indo Asian Fusegear demerged its power generation and energy meter businesses into a separate company named Advance Metering Technology Ltd.

“As a part of the demerger process the new entity is under the process of being listed…can be done in the next eight weeks,” Vinay Mahendru, Executive Director, Eon Electric told PTI.

Advance Metering Technology Ltd (AMTL) is engaged in the business of energy meters, power generation, energy management services and related businesses.

Eon Electric, which manufactures lighting products, wires and cables in India, exports its products to over 40 countries in the Europe, Australia and Africa.

Currently, exports contribute nearly 10 per cent of the the company’s revenues, and it is working towards increasing this share to 30 per cent by 2015.

“In the next three years our exports should contribute 30 per cent of our business,” Mahendru said.

Meanwhile, as part of its expansion plans the company would set up a manufacturing plant and is scouting for sites in the National Capital Region .

“We are looking for a factory in NCR for manufacturing new-age batteries,” he said, adding that the proposed unit would come up at an investment of about a Rs 100 crore.

The plant is likely to be operational by the end of 2012-13.

Post demerger, Eon Electric continues the existing businesses of wires and cables, wiring accessories, energy efficient light sources, luminaries etc.

The demerger is aimed at capitalising the tremendous potential in the power generation and metering sectors.

 

Source: ET

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