Genus Power Infrastructures, GIC to boost smart metering in India

India-based metering solutions provider Genus Power Infrastructures has announced the signing of definitive agreements with Singapore-based Gem View Investment Pte Ltd, an affiliate of GIC.

The agreements set out the terms for the creation of a platform dedicated to Advanced Metering Infrastructure Service Provider (AMISP) concessions. GIC will hold a 74% stake in the platform, while Genus Power Infrastructures will maintain a 26% stake.

The partners have agreed to an initial capital outlay of approximately $2 billion, with Genus Power Infrastructures serving as the platform’s exclusive smart meter and services supplier.

In addition, the agreements specify that Chiswick Investment Pte Ltd, another GIC affiliate, will invest up to INR 519 crores via a preferential allotment of warrants. If exercised, these warrants will constitute a 15% share of Genus Power Infrastructures’ issued and paid-up capital.

Ang Eng Seng — GIC Chief Investment Officer of Infrastructure, expressed his satisfaction at the collaboration, stating, “We are pleased to partner with Genus, one of the leading metering businesses in India, to create a new platform that supports the targeted roll-out of smart meters in India. We believe smart meters will play a crucial role in India’s ongoing journey towards improving power sector efficiency.”

The transactions are subject to Genus Power Infrastructures shareholder approval and fulfilment of customary closing conditions. The partnership signifies the largest transaction in India’s smart metering space and places Genus Power Infrastructures at the forefront of the ongoing smart metering revolution in the country.

India’s government is implementing the National Smart Metering Project under the Revamped Distribution Sector Scheme (RDSS) with plans to install 250 million meters by 2025. This project, estimated to cost $30 billion, aims to reduce operational losses, enhance the operational efficiency of DISCOMs, and support India’s energy security and transition through grid optimization and efficiency.

Jitendra Kumar Agarwal — Genus Power Infrastructures Jt MD said: “We are delighted to have a long-term investor like GIC choosing Genus as its exclusive partner in the sector. GIC’s investment attests to the strong prospects of smart metering space, our manufacturing prowess and execution track record.

“We look forward to contribute to India’s sustainability goals by facilitating efficient use of energy envisioned under the Time of Day metering recently announced by Government of India.”