Singapore’s GIC has formed a US$2bn (€1.8bn) platform with Indian smart-meter manufacturer, Genus Power Infrastructures, to undertake what is known as “advanced metering infrastructure service provider” concessions.
Through its affiliate company, Gem View Investment, GIC will hold a 74% stake in the platform, with Genus holding the remaining 26%. The partners have committed to an initial pipeline, with Genus as the exclusive supplier to the platform for smart meters and associated services.
Additionally, GIC will invest 5.19bn rupees (€58m) via its Chiswick Investment in Genus Power through warrants, representing a 15% interest in the Indian company.
India is currently implementing the government’s National Smart Metering Project, with plans to install 250m meters by 2025 with an estimated investment of US$30bn.
The GIC deal represents the largest transaction yet in the smart-metering sector in India, and positions Genus at the forefront of the smart-metering revolution in the country, said Genus.
Ang Eng Seng, GIC’s CIO of infrastructure, said: “India remains a key long-term market for GIC, given its strong economic fundamentals and favourable demographics, which are spurring opportunities in many sectors, including infrastructure development.”
Jitendra Kumar Agarwal, Genus joint managing director, said: “We look forward to contributing to India’s sustainability goals by facilitating efficient use of energy envisioned under ‘Time of Day’ metering recently announced by Government of India.”
Raj Agarwal, CEO and managing director of Genus, added: “Genus has achieved market leadership through its strong focus on R&D and innovation. Our capacity to deliver next-generation smart-meter technology and related solutions for the evolving needs of India’s energy sector will be an asset to the platform.”
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