Singapore鈥檚 GIC has formed a US$2bn (鈧�1.8bn) platform with Indian smart-meter manufacturer, Genus Power Infrastructures, to undertake what is known as 鈥渁dvanced metering infrastructure service provider鈥� 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 (鈧�58m) via its Chiswick Investment in Genus Power through warrants, representing a 15% interest in the Indian company.
India is currently implementing the government鈥檚 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鈥檚 CIO of infrastructure, said: 鈥淚ndia 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.鈥�
Jitendra Kumar Agarwal, Genus joint managing director, said: 鈥淲e look forward to contributing to India鈥檚 sustainability goals by facilitating efficient use of energy envisioned under 鈥楾ime of Day鈥� metering recently announced by Government of India.鈥�
Raj Agarwal, CEO and managing director of Genus, added: 鈥淕enus 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鈥檚 energy sector will be an asset to the platform.鈥�
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