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Genus Power Infrastructures has signed agreements with Gem View Investment, an affiliate of GIC, Singapore, for the establishment of a platform for Advanced Metering Infrastructure Service Provider (AMISP) concessions. GIC will hold a 74% stake in the platform, while Genus will hold a 26% stake. The initial capital outlay the for platform is approximately $2 billion. Genus will be the exclusive supplier of smart meters and associated services to the platform. Additionally, Chiswick Investment, an affiliate of GIC, will invest up to Rs 519 crore in Genus Power, which will be preferentially issuing convertible warrants to the wealth fund. After conversion, GIC will hold 15% stake in Genus Power. The warrants are being issued at Rs 112.88 each and will be converted 18 months from the date of allotment. These transactions are subject to approval from Genus shareholders and customary closing conditions. The National Smart Metering Project in India aims to install 250 million meters by 2025, with an estimated investment of $30 billion. With the above development, Genus will scale up the deployment of energy smart meters across India, supporting energy security and transition through grid optimization and efficiency. Genus Power Infrastructures is the largest manufacturer of ?smart meters? and has an integrated manufacturing facility that has supported its widespread installation of meters across India. With an in-house R&D centre and deep experience in Operations & Maintenance (O&M) of smart meters, Genus is a market leader in India in the metering business. The company reported a consolidated net loss of Rs 11.29 crore in Q4 FY23 as against a net profit of Rs 21.36 crore in Q4 FY22. Net sales rose 11.8% YoY to Rs 202.32 crore in the quarter ended 31 March 2023. Powered by Capital Market - Live News |