NEW DELHI, May 22: Smart meter maker Genus Power Infrastructures has received USD 49.5 million funding from the US International Development Finance Corporation, company’s Joint MD Jitendra Kumar Agarwal said.
The proceeds will be used to scale up the company’s capacity to manufacture new age meters, he told PTI.
The government is implementing the smart metering project nationally under the Revamped Distribution Sector Scheme (RDSS). Around 250 million meters are to be installed and a USD 30 billion investment is expected to be made to meet the target by 2025, Agarwal said.
“Genus has partnered with the US International Development Finance Corporation (DFC) for an initial commitment of USD 49.5 million loan to scale up the deployment of electric smart meters across India, supporting energy security and transition through grid optimization and efficiency,” the company official said.
The funding has been sanctioned and disbursed accordingly, he said.
Jaipur-based Genus is the largest manufacturer of smart meters. It has also made a foray into Advanced Metering Infrastructure Service Provider (AMISP) scheme, for implementing smart metering projects.
“With this partnership …Genus is well poised to become a leading player in the AMISP market. Smart metering projects under RDSS will not only reduce technical and commercial losses exceeding 15 per cent for all major Indian utilities leading to high financial losses, but also improve operational efficiency of DISCOMs and improve their financial health by providing results linked financial assistance,” Agarwal said.
Genus is among the largest players in India’s electricity metering solutions industry, with 27 per cent market share. It has manufacturing plants across Jaipur, Haridwar and Guwahati with a total installed capacity of over 10 million meters annually. (PTI)
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