Updated January 13th, 2024 at 15:51 IST
Vikas Lifecare forges JV to establish Rs 108 crore smart meter manufacturing unit
The upcoming facility, spanning 65,000 square foot, is designed to have the capacity to produce 1 million smart meters annually.
Vikas Lifecare JV: Vikas Lifecare, a prominent recycling firm, has announced the establishment of a Joint Venture (JV) company dedicated to the manufacturing of smart meters. The subsidiary, Genesis Gas Solutions Pvt Ltd (Genesis), has joined forces with Indraprastha Gas Ltd (IGL) in a 49:51 equity ratio to create IGL Genesis Technologies Ltd. This strategic collaboration aims to set up a state-of-the-art smart meter manufacturing unit with an initial investment of Rs 108 crore in Noida, Uttar Pradesh.
The upcoming facility, spanning 65,000 square foot, is designed to have the capacity to produce 1 million smart meters annually. It is scheduled to commence operations by July of this year. The manufacturing equipment orders have been finalised and are set to be placed within the current month, reflecting the company's commitment to swift progress in the venture.
Vikas Lifecare, renowned for its recycling initiatives in plastic waste, particularly in the production of pallets and interlocking tiles for industrial applications, demonstrates its diversification into the burgeoning smart meter market. The move aligns with the growing demand for advanced metering solutions in the evolving landscape of energy management. This strategic venture positions Vikas Lifecare as a significant player in both the recycling sector and the burgeoning smart technology industry.
(With PTI inputs.)
Published January 13th, 2024 at 15:51 IST