India’s Genus Power partners GIC affiliate to fund smart metering projects
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GIC will hold a 74 per cent stake in the platform, while Genus will hold a 26 per cent stake in the partnership.
PHOTO: GIC
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SINGAPORE – Indian meter manufacturer Genus Power Infrastructures said on Tuesday that it had signed agreements for setting up a platform to fund smart metering projects with an affiliate of Singapore sovereign wealth fund GIC with an initial commitment of US$2 billion (S$2.7 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 per cent stake and Genus the rest.
GIC will also invest 5.19 billion rupees (S$85.3 million) via its Chiswick Investment in Genus Power through warrants, representing a 15 per cent stake in the Indian company.
The Indian government has been pushing for the implementation of smart meters.
Last year, it launched the Revamped Distribution Sector Scheme to improve 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 at an investment of US$30 billion by 2025, Genus said, citing the business potential for the platform. REUTERS
