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IGL and Genesis joined hands to establish India's first integrated smart meter manufacturing plant to manufacture diaphragm gas meters equipped with loT technologries like LoRa, LoRaWAN, bluetooth, NFC, NB-IoT etc. These smart meters shall provide much needed solutions to manage consumers' energy demand and metering with utmost accuracy and on real time basis.
Initially, the smart meter manufacturing plant shall have installed capacity to manufacture 1 Million Meters annually and is planned to be operational by April 2024.
The proposed JV shall also develop necessary software, interface with in-built smart analytics, dashboards and predictive maintenance protocols, systems as these are becoming a necessity for running any gas distribution business in an efficient manner. It shall have the equity participation in the ratio of 51:49 respectively.
Vikas Garg, chairman & managing director of Vikas Group & director, Genesis, said, “We are sure that our investment in the growing gas sector is going to be very meaningful in nation building as energy accounting is as important, if not more than distribution of gas. This gas meter manufacturing is one of our many initiatives that our group is focusing to meet our domestic as well as export requirements. Our company Genesis's MDM and head end system are already recognised as a must for any gas distribution business.”
Indraprastha Gas is in the business of city gas distribution.
The company's consolidated net profit declined 10.9% to Rs 334.06 crore despite of 67.5% jump in net sales to Rs 3,710.81 crore in Q3 FY23 over Q3 FY22.
Shares of Indraprastha Gas were up 0.71% to Rs 448.30 on the BSE.
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