Eon Electric Ltd, the power equipment maker has announced the demerger of its power generation business into a separate group that will be named as Advance Metering Technology Ltd (AMTL). It will soon be listed on bourses.
Eon Electric was initially known as Indo Asian Fusegear Ltd. The existing business of wiring accessories, wires and cables, luminaries and efficient light sources will continue. It will also venture into new business ventures.
AMTL will deal with business regarding to energy meters, energy management services, power generation and other related areas. An official statement claims that it will soon be on the Bombay Stock Exchange and the National Stock Exchange.
Chairman & managing director of Eon Electronic said, “”Rebranding to Eon from Indo Asian represents dynamism of the organization to consistently evolve with changing times. The decision to demerge the metering and power business was also taken keeping in mind the same idea.”
Managing director and ATML chairman PK Ranade said, “The metering and power generation and energy management businesses require a totally different strategic approach. To capitalize on the tremendous potential in these business segments, the decision to demerge these verticals has been implemented.”