Make in India boost: Genesis Gas Solutions, a subsidiary of Vikas Lifecare, has signed an agreement with Indraprastha Gas to set up an integrated smart meter manufacturing plant for Rs 110 crore. 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 latest technologies.
Vikas Group Chairman Vikas Garg said that this joint venture will prove to be a game changer as it will revolutionize smart metering technology in the country and will be a step forward towards Atmanirbhar Bharat. “The announcement of the JV between IGL and Genesis following the spirit of the government’s Make in India – Make for World initiative will play a significant role in a paradigm shift in favor of domestic players,” he added.
The meter will provide solutions to manage energy demand and metering of consumers with utmost accuracy and on a real-time basis, the company said in the filing. The plant will have an installed capacity of manufacturing 1 million meters per annum. It will be operational by April next year.
Notably, the gas metering solutions market is currently dominated by offshore suppliers. IGL Director (Commercial) Pawan Kumar said this joint venture is in line with the company’s mission and vision for green, clean and sustainable growth.
“This joint venture will help in import substitution and give impetus to Make in India initiative in Amrit Kaal (Amrit Festival of Independence),” he said. In the proposed JV, IGL and Genesis will have equity participation in the ratio of 51:4