VLL's Rs 85 million investment to advance India's capabilities in smart meter manufacturing

Homegrown recycling player Vikas Lifecare is inducing Rs 85 million to its step-down joint venture i.e. IGL Genesis Technologies Ltd, towards CAPEX for establishing the plant at Noida for manufacturing Smart Gas Meters in India. According to the company, the initiative holds great promise for advancing India's capabilities in smart meter manufacturing and contributing to the country's efforts towards modernising its
energy infrastructure.

"VLL has induced further capital of Rs. 85 million for its step-down joint venture, IGL Genesis Technologies Ltd. (IGTL) a joint venture between the company's subsidiary "Genesis Gas Solutions Pvt. Ltd." (GGSPL) and "Indraprastha Gas Ltd." (IGL), in order to cover the capital expenditures associated with developing a plant in NOIDA, Uttar Pradesh, that will produce smart gas meters for the Indian market," the company said. 

IGTL is a 51:49 joint venture company of IGL and VLL’s subsidiary GGSPL and with this round of capital infusion both the JV partners have infused capital of Rs 544 Million in this JV company incorporated to establish India’s first Integrated Smart Meter Manufacturing Plant with a total estimated Capital Expenditure of Rs 1100 millions.

Earlier, Vikas Lifecare, a del-credere agent of ONGC (Oil and Natural Gas Corporation Ltd.) Petro Additions Limited, has announced capacity expansion. 

The company said that it has acquired a new land piece measuring about 1800 Sq. Mtr. for Rs 3 crore. The land is adjoining to the existing factories located at RIICO Industrial Area, Shahjahanpur, Rajasthan. 

As per the information shared, the new expansion will be ready to be utilized within the next 3 to 4 months. The company is expecting that it will add an additional Rs 60 crore to the gross revenues from the compounding business segment.