Genesis, a division of Vikas Lifecare Ltd (VLF), and Indraprastha Gas Limited (IGL) have signed a contract to establish a metre manufacturing facility at a cost of around Rs 110 crore. From VLF,
the unit would be established through a joint venture business. 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. 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.
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