IGL Genesis Technologies buys smart meter manufacturing tech from Hangzhou Beta

IGL Genesis Technologies, a joint venture between gas utility IGL and metering solutions provider Genesis, has informed the exchanges that it has signed a deal with China-based Hangzhou Beta Meter. According to the filing, the deal is to buy smart meter manufacturing technology for USD 2.4 million (about Rs 20 crore).

IGL Genesis Technologies Limited (IGTL) is a 51:49 joint venture between Indraprastha Gas Limited (IGL) and Genesis Gas Solutions Pvt ltd (GGSPL) -- a subsidiary of recycling firm Vikas Lifecare.

" IGTL has acquired the Technology for manufacturing of Smart Gas Meters for about USD 2.4 Million (INR 199.20 Million
Approx.), of which IGTL has remitted 50% about USD 1.2 Million (INR 99.60 Million Approx.) this week. The funds for the payment have been sourced from the capital infusion of about INR 370 Million, contributed at IGTL by IGL & GGSPL (Infused by VLL) in the ratio 51:49 respectively," the company said in an exchange filing. 

IGTL has already initiated the process of setting up the production facility to manufacture smart gas meters in India with technical knowhow from Hangzhou Beta Meter Co., Ltd (Holley Group), according to a statement.

''IGTL has acquired the technology for manufacturing of smart gas meters for about USD 2.4 million (about Rs 199.20 million), of which IGTL has remitted 50 per cent about USD 1.2 million (Rs 99.60 million) this week,'' Vikas Lifecare said in the statement.

The funds for the payment have been sourced from the capital infusion of about Rs 370 million, contributed to IGTL by both IGL and GGSPL in the ratio 51:49, respectively, it said.

Gas meter manufacturing involves sophisticated technologies aimed at ensuring accuracy, reliability, safety and rangeability over long durations for measuring gas consumption.