The company has entered into a definite agreement with the existing promoters/shareholders for acquiring 75% equity of Genesis Gas Solutions
Vikas Lifecare, engaged in trading and manufacturing of polymer, rubber compounds and additives for plastics, synthetic & natural rubber, has acquired 75% stake in Genesis Gas Solutions Private Limited.
Genesis Gas is engaged in the business of developing smart products including smart gas meters & power distribution solutions for the ever expanding infrastructure in India.
Vikas Lifecare Limited said that moving further ahead with the objective of broadbasing the product portfolio and diversifying into futuristic and unique product lines, new edge businesses, complimenting and supplementing the existing business lines of the company. The company has entered into a definite agreement with the existing promoters/shareholders for acquiring 75% equity of Genesis Gas Solutions Private Limited in a cash deal amounting Rs. 25 crore, payable in stages.
Post achieving the long-desired debt-free status this year, Vikas Lifecare has actively explored and worked towards expanding its businesses footprints in emerging infrastructure products segment along with other business strategies.
The company is already in the advanced stage of commissioning a manufacturing plant of pipelines for gas distribution. The commercial production expected within the current financial year.
Genesis Gas Solutions Pvt. Limited since its incorporation has been specifically focussed on the evolving City Gas Distribution sector in India. Genesis created a varied IP (Intellectual Property) including software and hardware solutions for the City Gas Distribution in domestic metering sector as well as industrial gas metering applications along with gas leak detection systems and has carved out a niche for itself by acquiring about 20% of the domestic gas metering share in India.
Genesis also pioneered in smart gas and water metering in India by bringing out India’s first prepayment system indigenously developed and acquired by Indraprastha Gas Limited and GAIL (India) Limited.
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