Eon Electric demerges power generation, meter businesses into separate company Advance Metering Technology Ltd

NEW DELHI: Eon Electric, formerly known as Indo Asian Fusegear today said it has demerged its power generation and energy meter businesses into a separate company named Advance Metering Technology Ltd.

"Eon Electric Ltd is demerging its Energy meter and Power Generation business into a separate entity named, Advance Metering Technology Ltd ( AMTL)," the company said in a statement.

Eon Electric would continue to carry on the existing businesses of wires and cables, wiring accessories, energy efficient light sources, luminaries and also foray into new businesses, it said.

This demerger is aimed at capitalising the tremendous potential in the power generation and metering sectors.

"The decision to demerge the metering and power business shows dynamism of the organisation to consistently evolve with changing times. We want to ensure that each segment of the business evolves and grows well and the confidence of our shareholders keeps getting stronger," V P Mahendru CMD EON Electric Ltd said.

AMTL would be engaged in the business of energy meters, power generation, energy management services and related businesses.

It would be soon be listed on the Bombay Stock Exchange and the National Stock Exchange.

Eon Electric Ltd manufactures lighting products, wires and cables in India.