Crompton Greaves (CG), an engineering firm, has won Rs 1.78 billion (approx Euro 24 million) contract to supply ZIV single and three phase smart meters to Spanish utility Iberdrola.

CG in line with addressing the growing demand in the market has expanded its manufacturing plant in Zamudio, Spain, introducing new, automatic assembly lines that will be able to produce over 2 million smart meters annually.

The company is ready to meet both international and national market demands where Spanish utilities are expected to replace 70% of analogue meters by 2016 and 100% by 2018 and is uniquely positioned to benefit from this regulation, by collaborating closely with the distribution utilities and assisting them in achieving the goal within the timeline.

Shares of the company declined Rs 1.1, or 0.64%, to settle at Rs 170.30. The total volume of shares traded was 306,658 at the BSE (Tuesday).