 "Genesis, IGL to invest Rs 110 cr to set up meter manufacturing plant")
Genesis, an arm of Vikas Lifecare Limited (VLF), has inked a pact with Indraprastha Gas Limited (IGL) to set up a meter manufacturing plant at an estimated cost of Rs 110 crore.
The unit will be set up through a joint venture company, VLF said in a statement on Monday.
Genesis Gas Solutions Pvt Ltd (Genesis) has entered into a JV agreement with IGL to set up a smart meter manufacturing plant with a capex of Rs 110 crore, it added.
"The unit will manufacture diaphragm gas meters equipped with IoT technologies like LoRa, LoRaWAN, Bluetooth, NFC, NB-IoT etc.," the statement said.
Initially, the smart meter plant will have an installed capacity to manufacture one million meters annually.
In the JV, IGL and Genesis will have equity participation in the ratio of 51:49.
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The unit is expected to be operational by April 2024.
Vikas Garg, Chairman of Vikas Group & Director Genesis, said the JV will be a game changer. It will also aim to tap the demand in the international market, besides catering to domestic consumers.