Vikas Lifecare In Focus As Subsidiary Sets Up JV With Indraprastha Gas For Smart Meter

With great pleasure, Vikas Lifecare Limited announces that Genesis Gas Solutions Pvt. Ltd. (Genesis), a subsidiary of the company, has successfully incorporated "IGL Genesis Technologies Limited," a joint venture with Indraprastha Gas Limited (IGL). Genesis Gas Solutions Pvt. Ltd. (Genesis) and Indraprastha Gas Limited (IGL) contributed shares in the company "IGL Genesis Technologies Limited" in the proportions of 51:49, respectively.

Genesis Gas Solutions Pvt Ltd has finished inducing its portion of the Paid-Up capital, totalling INR 181 million, into the recently established firm with the establishment of "IGL Genesis Technologies Limited."

Indraprastha Gas Limited (IGL) and Genesis Gas Solutions Pvt Ltd had previously announced their joint venture agreement to construct India's first integrated, state-of-the-art smart meter manufacturing plant, with a total capital expenditure of Rs. 1080 million.

"The JV Company "IGL Genesis Technologies Limited" will manufacture Diaphragm Gas Meters equipped with IoT technologies like LoRa, LoRaWAN, Bluetooth, NFC, NB-IoT etc. "IGL Genesis Technologies Limited" will also indigenously develop the Softwares and Interface Programmes with in-built Smart Analytics, Dashboards and Predictive Maintenance Protocols, and Allied Systems for the Smart Meters manufactured," said Vikas Lifecare in a stock exchange filing.

Situated in Sector 145, NOIDA, Uttar Pradesh, the manufacturing plant is now under development. Its initial building will span around 65,000 square feet and be ready by the end of February 24. The fittings and fixtures will be finished by the end of May 24. Within the month of January 24, the finalised orders for the production equipment will be placed.

In keeping with the mission of the government of India's Make in India, Make for World campaign, this joint venture between IGL and Genesis will play a key role in shifting the paradigm in favour of Indian players in the industry. The Smart Meter Manufacturing Plant is scheduled to open in July 2024 and initially have the capacity to produce one million meters yearly.

"IGL Genesis Technologies is aiming to tap the potential in high demand for smart meters 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, pre-paid metering," said Vikas Lifecare in a regulatory filing.

On Friday, the shares of Vikas Lifecare closed on the BSE at Rs 6.46 apiece. The scrip made a 52-week-high of Rs 7.29 on (09/01/2024) and a 52-week-low of Rs 7.29 on (09/01/2024).