Vikas Lifecare Invests Rs 85 Million in Subsidiary IGL Genesis to Boost Production of Smart Gas Meters
Photo : PTI
Homegrown recycling major Vikas Lifecare has announced that it has infused further capital amounting Rs 85 million to its step down JV IGL Genesis Technologies. IGL Genesis is a joint venture between company’s subsidiary Genesis Gas Solutions and Indraprastha Gas. The funds will be utilised towards establishing a plant in UP’s Noida for manufacturing Smart Gas Meters.
With this round of capital infusion, both the JV partners have infused capital of Rs 544 million in the JV company which is touted to be India’s first Integrated Smart Meter Manufacturing Plant with a total estimated capital expenditure of Rs 1100 millions.
The company will manufacture smart gas meters at the plan. The firm has plans to expand manufacturing capacity and take it to 1 million smart gas meters annually. The development marks a key step towards meeting the country’s growing demand for smart meter solutions.
“Furthermore, the progress in land acquisition, building development and equipment readiness underscores the efficient execution of the project,” the company said in a statement.
The company had earlier acquired Technical Know-how from Hangzhou Beta Meter (Holley Group), a global leader in gas meter production. This collaboration will help ensure that smart gas meters meet international standards of quality and performance. “Overall, this initiative holds great promise for advancing India’s capabilities in smart meter manufacturing and contributing to the country’s efforts towards modernizing its energy infrastructure,” the statement added. IGL Genesis was incorporated during June 2023, pursuant to the JV signed between IGL and GGSPL in March 2023.
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