Genus Power Infrastructures bags Rs 2,247cr deal for smart meters
Genus Power Infrastructures Limited’s step-down subsidiary has landed a colossal contract worth Rs. 2,247.37 crore (net of taxes) for the implementation of Advanced Metering Infrastructure (AMI). The award letter confirms Genus Power as the Advanced Metering Infrastructure Service Provider (AMISP) for supplying, installing, and commissioning 24.18 lakh Smart Prepaid Meters across multiple State Electricity Boards (SEBs) in India. This monumental deal comes under the DBFOOT model (HYBRID Model, CAPEX Plus OPEX), as part of the nation’s ‘Reforms-Based, Result-Linked Power Distribution Sector Scheme.’
Surge in Smart Meter Adoption and Market Prospects
This new contract marks yet another milestone for Genus Power, which has seen a significant surge in smart meter orders. The uptrend is expected to continue through the coming quarters of fiscal year 2024. This accelerated adoption is closely aligned with the nation’s rising focus on smart meter infrastructure, propelled by various SEBs commencing bidding processes for smart meters.
Record-Breaking Order Book, Eyeing Exponential Growth
Jitendra Kumar Agarwal, Joint Managing Director of Genus Power, expressed his elation over this major contract, emphasizing it as the third such win in just two months. He highlighted that the company’s total order book now stands at an unprecedented Rs. 11,000 crore (net of taxes), marking a significant landmark for the organization. “This massive order book will be the driving force for exponential growth within the Indian market and strengthens our leadership in the smart metering solutions sector,” Agarwal said.
Gearing Up for National Ambitions
The demand for smart meters is skyrocketing in India as part of the government’s Revamped Distribution Sector Scheme (RDSS). The scheme targets the installation of 250 million smart meters in households across the nation to enhance the efficiency of the power sector. “We are excellently positioned to capitalize on this colossal market opportunity,” Agarwal added. Genus Power boasts a strong track record of delivering metering projects on time and within budget, further solidifying its role as a leader in the transformation of India’s power sector.
With this new contract, Genus Power reconfirms its unmatched capabilities in smart metering solutions and stands as a major player ready to capitalize on India’s ambitious energy efficiency goals.