Recycling firm's subsidiary sets up JV with Indraprastha Gas Limited
The unit, with a capacity to manufacture 1 million smart meters annually, is being set up over an area of 65,000 sq ft, and is expected to be made operational by July this year, the company said.
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Recycling player Vikas Lifecare has formed a Joint Venture (JV) company with Indraprastha Gas Limited (IGL). The JV is India’s first integrated state-of-the-art smart meter manufacturing plant. The manufacturing unit will come up at an investment of Rs 108 crore.
Its subsidiary Genesis Gas Solutions Pvt Ltd (Genesis) has formed JV IGL Genesis Technologies Ltd with equity participation from Indraprastha Gas Ltd (IGL) in the ratio of 49:51, the company said in an exchange filing.
The JV will set up a smart meter manufacturing facility in Noida, Uttar Pradesh. The unit, with a capacity to manufacture 1 million smart meters annually, is being set up over an area of 65,000 sq ft, and is expected to be made operational by July this year, the company said.
Orders for the manufacturing equipment have already been finalised and will be placed within this month.
Vikas Lifecare recycles plastic waste to manufacture pallets and interlocking tiles for industrial applications.
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