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Genesis and IGL to invest Rs 1.1 bn to build metre manufacturing plant
2023-03-10
Genesis, a division of Vikas Lifecare (VLF), and Indraprastha Gas (IGL) have signed a contract to establish a metre manufacturing facility at a cost of around Rs 1.1 billion.The unit would be established through a joint venture business.
With an investment of Rs 1.1 bn, Genesis Gas Solutions (Genesis) and IGL have formed a joint venture to build a smart metre manufacturing facility.
The business will produce diaphragm gas metres with IoT features like Bluetooth, NFC, LoRa, LoRaWAN, and NB-IoT.
The factory for smart metres will initially be able to produce one million metres annually.
IGL and Genesis will have a 51:49 ownership share in the JV.
By April 2024, the unit is anticipated to be operating.
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