Genus Power Infrastructures, an Indian meter manufacturer, announced on Tuesday that it has signed an agreement with a GIC affiliate, a Singapore sovereign wealth fund, to establish a platform for funding smart metering projects.
GIC will invest an initial commitment of $2 billion in the platform and hold a 74% stake, while Genus will hold the remaining 26%.
The partnership will make Genus the exclusive supplier of smart meters and associated services to the platform. Additionally, GIC will invest $63.29 million in Genus Power through warrants, representing a 15% stake in the Indian company.
The Genus-GIC platform will bid for projects under the Revamped Distribution Sector Scheme launched by the Indian government last year, which aims to improve the operational efficiencies and financial sustainability of power distribution companies.
The Indian government aims to install 250 million meters by 2025 at an investment of $30 billion, presenting significant potential business opportunities for the platform.
