2 minutes reading time (388 words)

​Genus Power sews up $2 billion smart metering JV with GIC, Singapore

Genus will have exclusive rights to supply smart meters and associated services to the venture. Image Courtesy: Genus

Indian smart metering company Genus PowerInfrastructures has signed an agreement with GIC, Singapore, to set up a $2 billion platform (₹17 crore) to fund smart metering projects, the company announced.

Genus will have exclusive rights to supply smart meters and associated services to the venture, which will be 74 percent owned by GIC and 26 percent owned by Genus. As part of the agreement, GIC affiliate Chiswick Investment Pte Ltd will invest ₹519 crore in Genus for warrants convertible to 15 percent of the company's paid-up share capital. 

The transaction is the largest in the Indian smart metering space and could give Genus a headstart in the smart metering space, while the infusion of capital via warrants will allow it to supplement its manufacturing and execution capability.

In a statement, Jitendra Kumar Agarwal, joint managing director of Genus, said, "We are delighted to have a long-term investor like GIC choosing Genus as its exclusive partner in the sector. GIC's investment attests to the strong prospects of smart metering space, our manufacturing prowess and execution track record. We look forward to contribute to India's sustainability goals by facilitating efficient use of energy envisioned under the Time-of-Day metering recently announced by Government of India."

Mr Ang Eng Seng, Chief Investment Officer of Infrastructure at GIC, said, "We believe smart meters will play a crucial role in India's ongoing journey towards improving power sector efficiency. India remains a key long-term market for GIC given its strong economic fundamentals and favourable demographics, which are spurring opportunities in many sectors including infrastructure development."

The Government of India has launched a National Smart Metering Project with a plan to install 25 crore meters across the country by 2025 at an estimated investment of just under ₹2.5 lakh crore. The government aims to reduce electricity losses due to technical causes and theft, improve operational efficiency of the national grid, and enable performance-linked incentives at state distribution companies, some of whom face technical and commercial losses can in excess of 15 percent. 

Author : Mandar Bakre
arrow_back Lamborghini buyers can only book hybrids from now ...
arrow_forward BYD to spend $620 mn for three-plant complex in Br...