India's Genus Power partners with GIC affiliate for funding smart metering projects

Genus Power Infrastructures

04/07/2023 15:26

BENGALURU, July 4 (Reuters) - Indian meter manufacturer
Genus Power Infrastructures  GEOE.NS  said on Tuesday that it
signed agreements for setting up a platform to fund smart
metering projects with an affiliate of Singapore sovereign
wealth fund GIC at an initial commitment of $2 billion.
    Genus would be the exclusive supplier to the platform for
smart meters and associated services, it said in an exchange
filing. 
    GIC will hold a 74% stake in the platform, while Genus will
hold a 26% stake in the partnership, it added. 
    Additionally, GIC will also invest 5.19 billion rupees
($63.29 million) via its Chiswick Investment Pte in Genus Power
through warrants, representing 15% in the Indian company.
    The Indian government has been pushing for the
implementation of smart meters and last year it launched the
Revamped Distribution Sector Scheme aimed at improving the
operational efficiencies and financial sustainability of power
distribution companies. 
    India's state utilities are offering advanced metering
service providers concessions under the government scheme and
the Genus-GIC platform will bid for projects under this scheme.
    The Indian government plans to install 250 million meters by
2025 at an investment of $30 billion by 2025, Genus said, citing
the business potential for the platform.
    
($1 = 81.9975 Indian rupees)

 (Reporting by Manvi Pant in Bengaluru; editing by Eileen
Soreng)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))