Indraprastha Gas-Genesis JV Acquires Smart Meter Manufacturing Tech from Chinese-based Firm
Photo : PTI
IGL Genesis Technologies, a collaborative endeavor between the gas utility IGL and the metering solutions provider Genesis, has successfully inked a pact with Hangzhou Beta Meter, headquartered in China. The strategic acquisition involves securing cutting-edge smart meter manufacturing technology for a noteworthy sum of USD 2.4 million, which translates to approximately Rs 20 crore.
Indraprastha Gas Limited is the natural gas distribution company that supplies natural gas as cooking and vehicular fuel, primarily in Delhi NCR. Established in 1998, the company is a joint venture between GAIL, Bharat Petroleum, and the Government of Delhi.
The venture, known as IGL Genesis Technologies Limited (IGTL), operates under a 51:49 joint partnership, with Indraprastha Gas Limited (IGL) holding the majority stake and Genesis Gas Solutions Pvt Ltd (GGSPL), a subsidiary of the recycling powerhouse Vikas Lifecare, being the minority stakeholder.
State-of-the-art Production Facility in India
IGTL has taken decisive steps towards establishing a state-of-the-art production facility within India to manufacture smart gas meters. This ambitious initiative is backed by the technical expertise derived from Hangzhou Beta Meter Co., Ltd (Holley Group), as disclosed in an official statement.
The transaction involves IGTL’s acquisition of smart gas meter manufacturing technology at a value of USD 2.4 million, with a notable 50 per cent of the amount, approximately USD 1.2 million (Rs 99.60 million), already remitted this week, according to Vikas Lifecare’s official statement.
To facilitate this significant financial transaction, funds amounting to about Rs 370 million have been procured from the capital infusion contributed by both IGL and GGSPL. The capital infusion adheres to a 51:49 ratio, reflecting the partnership structure between the two entities. This strategic move underscores the commitment of all stakeholders towards advancing technology and innovation in the field of smart gas metering within the Indian landscape.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Times Now Digital suggests its readers/audience to consult their financial advisors before making any money related decisions.)