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.
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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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