 "ICSA To Get Energy Meter Assets Of ECE Industries")
ICSA India, a provider of embedded technology solutions for the power sector, has entered into a Memorandum of Agreement with Delhi-based ECE Industries for acquiring the entire machinery and equipment along with available drawings, design and data pertaining to the manufacture of energy meters from their Hyderabad-based plant for Rs 4 crore.
This transaction will enable ICSA to manufacture energy meters on its own. ICSA shall be in a position to use the brand name of ECE for about six months, after which these energy meters shall be marketed under the brand name of ICSA.
“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 C Bala Reddy, CMD, ICSA India.
Both the parties have also entered into a Non-Competing Clause whereby ECE shall not venture into the energy meter business for a period of five years from the date of this agreement.
ECE shall be providing specified assets, relevant designs, drawing documents, source code, and technology files currently available with them to ICSA. ICSA has agreed to pay Rs 4 crore along with taxes as applicable for the specified plant, machinery, drawings, and designs towards the purchase consideration.
In June, ICSA was awarded a 20 MW wind power project by the Non-Conventional Energy Development Corporation of Andhra Pradesh. ICSA’s solutions for the power sector identify Transmission and Distribution (T&D) losses and monitor power consumption using GSM Network.