By: ICN Bureau
Last updated : January 15, 2024 9:46 am
The JV has been incorporated with equity participation from Indraprastha Gas Limited (IGL) and Genesis Gas Solutions Pvt. Ltd. in the ratio of 51:49 respectively
Vikas Lifecare Limited announces that its subsidiary Genesis Gas Solutions Pvt. Ltd. has incorporated a new JV “IGL Genesis Technologies Limited”, the joint venture company with Indraprastha Gas Limited (IGL).
“IGL Genesis Technologies Limited” has been incorporated with equity participation from Indraprastha Gas Limited (IGL) and Genesis Gas Solutions Pvt. Ltd. in the ratio of 51:49 respectively.
With the incorporation of “IGL Genesis Technologies Limited”, Genesis Gas Solutions Pvt. Ltd. has completed the inducement of its share of the Paid-Up capital amounting Rs. 18.1 crore in the newly incorporated entity.
Genesis Gas Solutions Pvt Ltd had earlier announced having entered into Joint Venture Agreement with Indraprastha Gas Limited (IGL) to establish India’s first integrated smart meter manufacturing plant with a total capital expenditure of Rs. 108 crore. 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 smart meters manufactured.
The manufacturing facility is being developed on the land located at Sector-145, Noida, Uttar Pradesh, with a building Initially measuring about 65,000 square feet which will be ready by the end of February 2024 and the fittings and fixtures will be completed by the end of May 2024. The orders for the manufacturing equipment have already been finalised and will be placed within January, 2024.