Vikas Lifecare announced an update from IGL Genesis Technologies (IGTL), the joint venture company formed between Genesis Gas Solutions (GGSPL) (subsidiary of the company) & Indraprastha Gas (IGL).
While IGTL initiated the process of establishing the production facility to manufacture Smart Gas Meters in India with Technical Knowhow from Hangzhou Beta Meter Co., (Holley Group), the largest producer of Gas Meters across the globe. Whereas, IGTL has acquired the Technology for manufacturing of Smart Gas Meters for about USD 2.4 Million (Rs 19.92 crore approx.), of which IGTL has remitted 50% about USD 1.2 Million (Rs 9.96 crore approx.) this week. The funds for the payment have been sourced from the capital infusion of about Rs 37 crore, contributed at IGTL by IGL & GGSPL (Infused by VLL) in the ratio 51:49 respectively.
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