Adani Transmission has formed a subsidiary, BEST Smart Metering Ltd (BSML), to undertake the smart meter business.
BSML is incorporated in India and registered with the Registrar of Companies, Gujarat at Ahmedabad on 27th December 2022 and is yet to commence its business operations, a BSE filing stated.
"Company has incorporated a wholly-owned subsidiary company in the name of BEST Smart Metering Ltd," a BSE filing stated.
Adani Transmission has the 100 per cent equity of Rs 1 lakh divided into 10,000 equity shares of Rs 10 each.
This assumes significance in view of Revamped Distribution Sector Scheme (RDSS) launched by the government to help DISCOMs improve their operational efficiencies and financial sustainability by providing result-linked financial assistance to them to strengthen supply infrastructure based on meeting pre-qualifying criteria and achieving basic minimum benchmarks.
Under the RDSS, Prepaid Smart metering is the critical intervention envisaged, with an estimated outlay of Rs 1,50,000 crore with GBS (gross budgetary support) of 23,000 crore and 250 Million prepaid smart meters are targeted to be installed during the Scheme period from FY 2021-22 to FY 2025-26.
Under the RDSS, as many as 17,34,39,869 prepaid Smart meters, 49,02,755 numbers of DT (distribution transmission) meters and 1,68,085 numbers of Feeder meter have been sanctioned across 23 States/40 Discoms with a total sanctioned cost of Rs 1,15,493.79 crore.
The installation of smart meters will help better manage their cash flows efficiently thereby facilitates reduction and AT&C (aggregate technical and commercial) loss of Utilities.