Indraprastha Gas Limited (IGL) and Genesis Gas Solutions Private Limited have entered into a joint venture agreement to set up India’s first integrated smart meter manufacturing plant with capital expenditure of Rs. 110 crore.

IGL and Genesis joined hands to establish India's first integrated smart meter manufacturing plant to manufacture Diaphragm Gas Meters equipped with loT technologies like LoRa/LoRaWAN, Bluetooth, NFC, NB-loT etc. These smart meters shall provide much needed solutions to manage consumers’ energy demand and metering with utmost accuracy and on a real time basis. Initially, the smart meter manufacturing plant shall have installed capacity to manufacture one million meters annually and is planned to be operational by April 2024.

Rise in disposable incomes, rapid urbanization, climate stability challenges and government’s thrust towards use of clean energy are 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 within-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 the equity participation from both the partners in the ratio of 51:49 respectively.

Commenting on the occasion, Sanjay Kumar, Managing Director, IGL said, “The state of the art plant will be a manufacturing hub for smart gas meters for domestic as well as export markets. This will showcase IGL capabilities in manufacturing and asset management, apart from its core business of City Gas Distribution."

I’m quite sure this venture by IGL will be a fruitful and growth enabling diversification move for IGL and Genesis added Kumar. 

Pawan Kumar, Director (Commercial), IGL said, “This will be a major step for IGL towards diversification into allied manufacturing business in line with the company's mission & vision/aiming for green, clean & sustainable growth."

This JV will help in import substitution and will give impetus to the Make in India initiative in Amrit Kaal (Azadi ka Amrit Mahotsav) added Kumar.

Dr. Vikas Garg, Chairman & MD, 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 distribution of gas. This Gas Meter manufacturing is one of our 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."