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 signed a pact 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 the latest technologies.
Vikas Garg, chairman of Vikas Group, said that the joint venture will be a game changer as it will revolutionize the smart metering technology in the country and will be a step forward towards AtmaNirbahar Bharat. “The joint venture between IGL and Genesis has been announced is being announced following the spirit of government’s Make in India – Make for World initiative, shall be instrumental in a paradigm shift in favour of domestic players,” he said.
The meters will provide solutions to manage consumers’ energy demand and metering with utmost accuracy and on a real-time basis, the company said in the filing. The plant will have an installed capacity to manufacture 10 lakh meters annually. It will become operational by April next year.
Notably, the Gas Metering Solutions market is presently dominated by offshore suppliers. Pawan Kumar, director (commercial), IGL, said that 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 will give impetus to the Make in India initiative in Amrit Kaal (Azadi 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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