Vikas Lifecare, a player in the recycling sector, has entered into a Joint Venture (JV) with Indraprastha Gas Limited (IGL) to establish India’s maiden integrated state-of-the-art smart meter manufacturing plant. This venture will materialize with a substantial investment of Rs 108 crore. The subsidiary of Vikas Lifecare, Genesis Gas Solutions Pvt Ltd (Genesis), has forged the JV named IGL Genesis Technologies Ltd, featuring equity participation from Indraprastha Gas Ltd (IGL) at a ratio of 49:51, as disclosed in an exchange filing.
Vikas Lifecare Limited, an Indian public company, operates under the regulatory framework of the Companies Act in India. The company’s shares are publicly traded and listed on the Bombay Stock Exchange and the National Stock Exchange. The registered office is situated at G-1, 34/1, Vikas Path Marg, East Punjabi Bagh, New Delhi-110026. Vikas Lifecare primarily focuses on manufacturing and trading PVC and plastic products.
Working in recycling, Vikas Lifecare extends its influence into the realm of advanced technology, emphasizing a diversified portfolio and sustainable business practices. The strategic partnership with IGL leverages the strengths of both entities, combining recycling expertise with the technological prowess required for manufacturing state-of-the-art smart meters.
Established in 1998, IGL (Indraprastha Gas Limited) assumed control of the Delhi City Gas Distribution Project in 1999, taking over from GAIL (India) Limited, formerly known as Gas Authority of India Limited. The initiative aimed to establish a comprehensive network for the distribution of natural gas across the National Capital Territory of Delhi, catering to consumers in residential, transportation, and commercial sectors. Supported by promoters such as GAIL (India) Ltd. and Bharat Petroleum Corporation Ltd. (BPCL), IGL envisions extending the provision of natural gas throughout the entire capital region.
The prime objective of this collaboration is to establish a cutting-edge smart meter manufacturing facility in Noida, Uttar Pradesh. Spanning an impressive 65,000 sq ft, the manufacturing unit is poised to have an annual production capacity of 1 million smart meters. The timeline for this endeavor is set for operational readiness by July of the current year, marking a significant stride toward digitalization and efficiency in energy consumption management.
In preparation for the manufacturing phase, orders for the requisite equipment have been diligently finalized and are scheduled for placement within the ongoing month. The move to venture into smart meter manufacturing aligns with the industry trends and the growing emphasis on digitization in utility services. Smart meters contributes extensively in modernizing the energy landscape, enabling accurate measurement, real-time monitoring, and improved efficiency in energy consumption.
The significance of this JV extends beyond technological innovation; it contributes to the broader narrative of environmental sustainability and energy conservation. By fostering the production of smart meters, the JV aims to empower consumers with tools to monitor and optimize their energy usage, fostering a culture of responsible and efficient energy consumption.
The choice of Noida as the manufacturing hub aligns with the region’s strategic importance and industrial ecosystem, further bolstering the ‘Make in India’ initiative. The venture is expected to generate employment opportunities and stimulate economic growth in the region.
