Adani Group Expands Tech Portfolio with Esyasoft Investment

15 Apr 2024 , 01:53 PM

Following the execution of a shareholders’ agreement by Adani Global, a fully owned subsidiary, to acquire a 49% investment in Adani Esyasoft Smart Solutions, shares of Adani Enterprises declined by around 2% at the opening on the NSE. The stock was trading at ₹3141.30 at 1:24 p.m.

Adani Global Mauritius, a fully owned subsidiary of Adani Enterprises, has entered a shareholders’ agreement to acquire a 49% investment in Adani Esyasoft Smart Solutions, Abu Dhabi, from Esyasoft Holding, UAE, according to an exchange filing made by the business on April 12. According to the agreement, Adani would own 49% of Adani Esyasoft Smart Solutions and Esyasoft Holding will retain 51%.

The company develops smart utility solutions, such as load forecasting, revenue maximization, and smart metering software.

The timing of Adani Enterprises’ Q4 and annual earnings has not yet been disclosed. Adani reported a net profit of ₹1,888 Crore for the third quarter of FY24, up 130% YoY from the previous fiscal year. During the same quarter, operating revenue increased by 6% year over year to ₹28,336 Crore. Over the previous year, Adani Enterprises’ stock increased by over 71%.

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