Adani Electricity invests $62mn into Mumbai smart meter installations

Adani Electricity Mumbai (AEML) has announced an investment of ₹5 billion ($62.8 million) to install smart meters for their 700,000 consumers in Mumbai, India, by the end of 2023.

The Indian electricity distribution company stated the smart meters as a first phase target, with their remaining 2 million consumers slated to get smart meters by the end of FY25.

According to The Times of India, AEML has already installed 110,000 smart meters, and the remaining is expected to be completed by the end of 2023.

Each of the smart meters costs up to ₹1,000 ($12.56) extra, but the savings accrued from operating expenses are hoped to outweigh the upfront increase.

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According to the company’s managing director and chief executive, Kandarp Patel, the expenditure for the installations is being done through internal accruals and the company has no plans for equity infusion.

Patel also stated how the company has been investing up to ₹15 billion ($188.4 million) annually in technology and network improvement initiatives and is aiming to continue with such investments for the next two years.

It has not been able to increase its market share over the last four years, and hopes that initiatives on the services front will help it, Patel said.