Genesis of Innovation: Vikas Lifecare and IGL Forge JV for Smart Meter Future

Recycling player Vikas Lifecare, through its subsidiary Genesis Gas Solutions (Genesis), has established a joint venture (JV) entity named IGL Genesis Technologies to inaugurate a state-of-the-art smart meter manufacturing facility in Noida, Uttar Pradesh. The venture will require a total investment of Rs 108 crore.

The equity participation in JV IGL Genesis Technologies is structured at a ratio of 49:51, with Indraprastha Gas (IGL) holding the majority stake. The manufacturing unit, spanning an area of 65,000 sq. ft., is designed to have the capacity to produce one million smart meters annually and is anticipated to commence operations by July of this year.

Procurement of manufacturing equipment orders is scheduled for completion within this month. It is noteworthy that Vikas Lifecare specializes in recycling plastic waste to craft pallets and interlocking tiles, widely employed in various industrial applications.

News by Rahul Yelligetti