Genesis and IGL to invest Rs 1.1 bn to build metre manufacturing plant

Genesis, a division of Vikas Lifecare (VLF), and Indraprastha Gas (IGL) have signed a contract to establish a metre manufacturing facility at a cost of around Rs 1.1 billion. The unit would be established through a joint venture business. With an investment of Rs 1.1 bn, Genesis Gas Solutions (Genesis) and IGL have formed a joint venture to build a smart metre manufacturing facility. The business will produce diaphragm gas metres with IoT features like Bluetooth, NFC, LoRa, LoRaWAN, and NB-IoT. The factory for smart metres will initially be able to produce one million metres annually. IGL and Genesis will have a 51:49 ownership share in the JV. By April 2024, the unit is anticipated to be operating. Also read: Goldman's to offload 14 per cent stake in ReNew Energy Global 40 per cent Renewable Generation Obligation (RGO) mandatory