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Business News/ Companies / Crompton Greaves to open new smart meter plant in France
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Crompton Greaves to open new smart meter plant in France

The facility will have the capacity to produce 2 million smart meters a year

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.Premium
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.

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.

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ABOUT THE AUTHOR
Swaraj Singh Dhanjal
" Based in Mumbai, Swaraj Singh Dhanjal is responsible for Mint’s corporate news coverage. For the past eight years he has been writing on the biggest deals in private equity, venture capital, IPO market and corporate mergers and acquisitions. An engineer and an MBA, he started his journalism career in 2014 with Mint. "
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Published: 19 Nov 2014, 03:44 PM IST
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