Genesis Gas, a subsidiary of Vikas Lifecare Ltd. - Sign a Rs 110 Crore JV Agreement with Indraprastha Gas

New Delhi [India], March 7 (ANI/NewsVoir): Vikas Lifecare Limited is pleased to announce that its subsidiary company Genesis Gas Solutions Pvt. Ltd. (Genesis) enters into Joint Venture Agreement with Indraprastha Gas Limited (IGL) to set up India's first Integrated Smart Meter Manufacturing Plant with Capital Expenditure of Rs 1100 million.
IGL and Genesis joined hands to establish India's first Integrated State-of-the-art Smart Meter Manufacturing Plant to manufacture Diaphragm Gas Meters equipped with IoT technologies like LoRa, LoRaWAN, Bluetooth, NFC, NB-IoT etc. These Smart Meters shall provide much-needed solutions to manage consumers' energy demand and metering with utmost accuracy and on real-time basis. Initially, the Smart Meter Manufacturing Plant shall have installed capacity to manufacture 1 Million Meters annually, and is planned to be operational by April 2024.
The rise in disposable incomes, rapid urbanization, climate stability challenges and the government's thrust towards the use of clean energy is leading to increase in market for gas distribution companies thus enhancing the demand for smart metering solutions. Through proposed Joint Venture, IGL and Genesis are aiming to tap this demand not only for domestic consumers but for international market as well by providing latest technology-based metering solutions meant for long range communications and capable of working in low-power networks, automated metering, prepaid metering.
Gas Metering Solutions market is presently dominated by offshore suppliers, with minimal presence of Indian players. This IGL and Genesis Joint Venture, which is being announced following the spirit of Government of India's Make in India - Make for World initiative, shall be instrumental in paradigm shift in favour of Indian Players.
The proposed Joint Venture shall also develop necessary software, interface with in-built smart analytics, dashboards and predictive maintenance protocols, systems as these are becoming a necessity for running any gas distribution business in an efficient manner. The proposed Joint Venture between IGL and Genesis shall have equity participation from both the partners in the ratio of 51:49 respectively.
Commenting on the occasion, Sanjay Kumar, Managing Director of IGL said, "The state-of-the-art plant will be manufacturing hub for Smart Gas Meters for domestic as well as export markets. This will showcase IGL capabilities in manufacturing and asset management field, apart from its core business of City Gas Distribution. I am quite sure this venture by IGL will be a fruitful and growth enabling diversification move for IGL and Genesis."
Pawan Kumar, Director (Commercial) of IGL said, "This will a be major step for IGL towards diversification into allied manufacturing business in line with company's Mission & Vision, aiming for green, clean & sustainable growth. This JV will help in import substitution and will give impetus to make in India initiative in Amrit Kaal (Azadi ka Amrit Mahotsav)."
Dr Vikas Garg, Chairman of Vikas Group & Director, Genesis said, "This Joint Venture will be a game changer and will revolutionize the Smart Metering technology in India and will be a step forward towards Atma Nirbhar Bharat, a much-needed impetus to the concept of a Smarter and Digital India. We are sure that our investment in the growing gas sector is going to be very meaningful in nation-building as energy accounting is as important, if not more than the distribution of gas. This Gas Meter manufacturing is one of the many initiatives that our group is focusing to meet our domestic as well as export requirements. Our company Genesis's MDM and Head End System are already recognised as a must for any gas distribution business."
The securities of the Vikas Lifecare Ltd. are listed on both the Stock Exchanges, BSE (Scrip Code: 542655) and NSE (Symbol: VIKASLIFE).
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