Crompton Greaves to open new smart meter plant in France
The facility will have the capacity to produce 2 million smart meters a year
Mumbai: Crompton Greaves Ltd on Wednesday said it will open a new facility at Grenoble in France in the second quarter of 2015 to make smart meters used in electrical grids. The meters are used to remotely monitor and bill power usage to reduce energy consumption.
The facility will have the capacity to produce 2 million smart meters a year, the Avantha group company informed the BSE. The company did not comment on the investment figure for the new facility.
The Grenoble plant, together with existing facilities in Spain, will enable Crompton to face new challenges from large scale deployments in France, UK, Spain and Netherlands, the firm said.
Europe’s smart metering market is expected to grow sharply and hit 180 million units by 2020, the firm said.
At 2.29pm, the company’s stock was trading at ₹ 197.10, down 2.83% on the BSE, while the benchmark Sensex was down 0.26% at 28,090.33 points.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!