Vikas Lifecare's Subsidiary, Genesis Gas Solutions Incorporates Joint Venture Company Indraprastha Genesis Technologies Limited

This collaboration will help establish India's first integrated state-of-the-art smart meter manufacturing plant with a total capital expenditure of ₹1,080 million

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Vikas Lifecare Limited has announced that its subsidiary company, Genesis Gas Solutions (P) Ltd., has accomplished the incorporation of IGL Genesis Technologies Limited, a joint venture company with Indraprastha Gas Limited (IGL). IGL Genesis Technologies Limited has been incorporated with equity participation from Indraprastha Gas Limited (IGL) and Genesis Gas Solutions (P) Ltd. in the ratio of 51:49, respectively. With the incorporation of IGL Genesis Technologies Limited, Genesis Gas Solutions has completed the inducement of its share of the paid-up capital amounting to ₹181 million in the newly incorporated entity.

Genesis Gas Solutions had earlier announced having entered into joint venture agreement with IGL to establish India’s first integrated state-of- the-art smart meter manufacturing plant with a total capital expenditure of ₹1,080 million. The JV company will manufacture diaphragm gas meters equipped with Internet of Things (IoT) technologies like LoRa, LoRaWAN, Bluetooth, NFC, NB-IoT, etc. IGL Genesis Technologies Limited will also indigenously develop the software and interface programmes with in-built smart analytics, dashboards and predictive maintenance protocols, and allied systems for the smart meters manufactured.