Vikas Lifecare Induces Rs. 85 Mn To Its Step-down JV For Establishing Smart Gas Meters Plant In India

A firm with ISO 9001:2015 certification, Vikas Lifecare Limited (VLL) is primarily involved in the production and distribution of rubber and polymer compounds as well as specialty additives. On Monday evening, the company revealed that it induced further capital of Rs. 85 million for its step-down joint venture, IGL Genesis Technologies Ltd. (IGTL) a joint venture between the company's subsidiary "Genesis Gas Solutions Pvt. Ltd." (GGSPL) and "Indraprastha Gas Ltd." (IGL), in order to cover the capital expenditures associated with developing a plant in NOIDA, Uttar Pradesh, that will produce smart gas meters for the Indian market.

In the latest injection of capital infusion, both JV partners have contributed Rs. 544 million to IGTL, a 51:49 joint venture between IGL and Vikas Lifecare's subsidiary GGSPL. The joint venture has been formed with the goal of establishing India's first Integrated Smart Meter Manufacturing Plant, with an estimated total capital expenditure of Rs. 1100 million.

The NOIDA, Uttar Pradesh plant's strategic location and its projected capacity to produce one million smart gas meters a year signify a significant step towards satisfying the nation's increasing demand for smart meter solutions. Additionally, the project's effective execution is demonstrated by the advancements made in building development, equipment resilience, and site acquisition.

"Overall, this initiative holds great promise for advancing India's capabilities in smart meter manufacturing and contributing to the country's efforts towards modernizing its energy infrastructure," said VLL in a regulatory filing.
The Agro Products Division of Vikas Lifecare Limited recently received a new order for premium nuts worth Rs 110 million. The current fiscal year's first quarter will see the completion of these orders. The company's agro-business division has set a goal to increase by 20% YoY to Rs 4500 million during the current fiscal year, up from Rs 3600 million recorded in 2023-2024.

On Tuesday, the shares of Vikas Lifecare were trading at Rs 5.28 apiece level on BSE during the afternoon deals. The stock reached a 52-week-high at Rs 7.92 on (23/01/2024) and a 52-week-low of Rs 2.66 on (24/05/2023).