Toshiba announced on July 29, 2011 that the company has completed the acquisition of Landis+Gyr, according to a press release by Toshiba. Toshiba said on May 19, 2011 that the company would acquire 100% stake in Landis+Gyr, a smart meter product and service provider for smart grid, for US$2.3 billion. Toshiba has signed an agreement with INCJ (Innovation Network Corporation of Japan) on July 25, 2011. As per the agreement, INCJ will take 40% stake in Landis+Gyr. Through acquiring Landis+Gyr, Toshiba aims to boost its smart community business to 900 billion yen (US$11.26 billion; US$1=79.9 yen) by 2015, up from the currently 300 billion yen (US$3.75 billion).