Boost to Make In India: IGL, Vikas Lifecare sign Rs 110 crore joint venture to set up smart meter plant | Latest Updates
Boost to Make in India: Genesis Gas Solutions, a subsidiary of Vikas Lifecare, has tied up with Inderprastha Gas to set up a Rs 110 crore integrated smart meter manufacturing plant. According to an exchange filing, it will be India’s first integrated state-of-the-art smart meter manufacturing plant to manufacture diaphragm gas meters equipped with the latest technologies.
Vikas Group Chairman Vikas Garg said the joint venture will be a game changer as it will revolutionize smart metering technology in the country and take a step towards self-reliant India. “The joint venture between IGL and Genesis is being announced in the spirit of the government’s Make in India – Make for World initiative, which will help in a paradigm shift in favor of domestic players,” he said.
The meters will provide solutions for managing consumer energy demand and metering on a highly accurate and real-time basis, the company said in the filing. The plant will have an installed capacity to produce 10 lakh meters annually. It will be operational by April next year.
In particular, the gas metering solutions market is currently dominated by offshore suppliers. Pawan Kumar, Director (Commercial), IGL said the JV is in line with the company’s mission and vision for green, clean and sustainable growth.
“This JV will help in import substitution and give a boost to the Make in India initiative in Amrit Kaal (Azaadi Ka Amrit Mahotsav).” he said In the proposed JV, IGL and Genesis will have equity participation in the ratio of 51:4.
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