Joint Venture30 Apr 2024, 02:29 am
Vikas Lifecare Infuses Rs. 85 Million into JV for Establishing Smart Gas Meter Manufacturing Plant in India
AI Summary
Vikas Lifecare Ltd has infused Rs. 85 Million as further capital into its step-down joint venture IGL Genesis Technologies Ltd (IGTL), towards setting up India's first Integrated Smart Gas Meter Manufacturing Plant in NOIDA, Uttar Pradesh. The plant is expected to start production by the end of Q3 FY 2024-25. IGTL, a 51:49 JV between Genesis Gas Solutions Pvt. Ltd and Indraprastha Gas Ltd, has acquired technical know-how from Hangzhou Beta Meter Co. Ltd and aims to meet the country's growing demand for smart meter solutions.
Key Highlights
- Vikas Lifecare has infused Rs. 85 Million into its JV, IGL Genesis Technologies Ltd.
- This is for establishing India's first Integrated Smart Gas Meter Manufacturing Plant in NOIDA.
- The plant is expected to start production by the end of Q3 FY 2024-25.
- IGTL is a 51:49 JV between Genesis Gas Solutions Pvt. Ltd and Indraprastha Gas Ltd.
- The plant aims to meet the country's growing demand for smart meter solutions