Genus Power Infrastructures (Genus) has signed definitive agreements with Gem View Investment, an affiliate of GIC, Singapore (GIC) for Setting up of a Platform for undertaking Advanced Metering Infrastructure Service Provider (AMISP) concessions. GIC will hold 74% stake while Genus will hold 26% stake in the Platform. The partners have committed to an initial pipeline with a capital outlay of around $2 billion. Genus would be the exclusive supplier to the Platform for smart meters and associated services.
The company has also signed agreements for investment by Chiswick Investment, an affiliate of GIC, of up to Rs 519 crore by way of a preferential allotment of warrants which shall constitute (if and when GIC elects to exercise such warrants) 15% of the issued and paid-up share capital of Genus on a fully diluted/as converted basis. The transactions are subject to the approval of Genus shareholders and fulfilment of customary closing conditions to the satisfaction of the GIC affiliates.
This represents the largest transaction in the smart metering space in the country and positions Genus at the forefront of the smart metering revolution underway in the country. With these transactions, Genus would supplement its manufacturing and execution prowess with access to capital. Genus will scale up the deployment of energy 'smart meters' across India, supporting energy security and transition through grid optimization and efficiency.
Genus Power Infrastructures (GPIL) is engaged in the manufacture and distribution of electronic energy meters, power distribution management projects, hybrid microcircuits, inverters, batteries, home UPS and online UPS in India and abroad.
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