Genus Power secures smart meter deal worth over Rs 3,000cr
Genus Power Infrastructures Limited, a dominant player in the Indian energy sector, recently saw its wholly-owned subsidiary triumphantly receive a Letter of Award (LOA) valued at Rs. 3,121.42 crore (exclusive of taxes). This commendation is linked to the role of Advanced Metering Infrastructure Service Providers (AMISPs). It encompasses a holistic responsibility, right from the conceptual design to the final commissioning of over 36 lakh Smart Prepaid Meters.
Rising Trend: State Boards Moving Towards Smart Meters
With numerous State Electricity Boards (SEBs) venturing into the bidding arena for acquiring advanced smart meters, the ‘Reforms-Based, Result-Linked Power Distribution Sector Scheme’ is gaining prominence. Predictive analytics suggests an upcoming significant uptick in the volume of orders for the fiscal year 2024, driven by the scheme’s positive implications.
A Word from Genus Power’s JMD
Jitendra Kumar Agarwal, Joint Managing Director of Genus Power Infrastructures Ltd., expressed his satisfaction over the company’s latest achievement. He shared, “We’re happy to report that we’ve been able to secure several new, sizable orders for our smart meters during the current fiscal year. Our unwavering dominance in the industry is a testament to our commitment and unparalleled excellence. The recent influx of orders cements our leadership in the intelligent metering solutions market in India.”
Supporting India’s Power Vision with RDSS
The Revamped Distribution Sector Scheme (RDSS), a notable initiative from the Indian government, is aimed at enhancing the operational dynamics and fiscal sustainability of the power distribution field. The key goal? Rollout of 250 million advanced smart meters nationwide. Genus Power is at the forefront, aiding in this monumental task, backing DISCOMs with financial backing, expertise, and comprehensive support.
A Bright Future for Genus Power
With an impressive order book surpassing Rs. 17,000 crore (minus taxes), Genus Power anticipates vigorous revenue ascension in the near future. Agarwal further emphasized the company’s strategic position to harness the surging demand for smart meters in India, thanks to its robust network of partners and suppliers.