BENGALURU (Reuters) – Indian meter manufacturer Genus Power Infrastructures said on Tuesday that it signed agreements for setting up a platform to fund smart metering projects with an affiliate of Singapore sovereign wealth fund GIC at an initial commitment of $2 billion.
Genus would be the exclusive supplier to the platform for smart meters and associated services, it said in an exchange filing.
GIC will hold a 74% stake in the platform, while Genus will hold a 26% stake in the partnership, it added.
Additionally, GIC will also invest 5.19 billion rupees ($63.29 million) via its Chiswick Investment Pte in Genus Power through warrants, representing 15% in the Indian company.
The Indian government has been pushing for the implementation of smart meters and last year it launched the Revamped Distribution Sector Scheme aimed at improving the operational efficiencies and financial sustainability of power distribution companies.
India’s state utilities are offering advanced metering service providers concessions under the government scheme and the Genus-GIC platform will bid for projects under this scheme.
The Indian government plans to install 250 million meters by 2025 at an investment of $30 billion by 2025, Genus said, citing the business potential for the platform.
($1 = 81.9975 Indian rupees)
(Reporting by Manvi Pant in Bengaluru; editing by Eileen Soreng)
