Vikas Lifecare Ltd. induces Rs. 85 Mn as further Capital to its step-down JV towards CAPEX for Establishing Noida Plant

New Delhi: Vikas Lifecare is pleased to inform that it has induced further Capital amounting Rs. 85 Million to its step-down JV i.e. IGL Genesis Technologies Ltd. (IGTL)-a joint venture between company’s subsidiary ‘Genesis Gas Solutions Pvt. Ltd.’ (GGSPL) and ‘Indraprastha Gas Ltd.’ (IGL) towards CAPEX for establishing the plant at NOIDA, Uttar Pradesh for manufacturing Smart Gas Meters in India.

IGTL is a 51:49 JV Company of IGL and Vikas Lifecare’s subsidiary GGSPL and with this round of Capital Infusion both the JV partners have infused capital of Rs. 544 Million in this Joint Venture Company incorporated to establish India’s first Integrated Smart Meter Manufacturing Plant with a total estimated Capital Expenditure of Rs. 1100 millions.

The strategic location of the plant in NOIDA, Uttar Pradesh, coupled with its planned capacity to manufacture 1 million smart gas meters annually, indicates a substantial step towards meeting the country’s growing demand for smart meter solutions. Furthermore, the progress in land acquisition, building development, and equipment readiness underscores the efficient execution of the project.
IGTL has acquired Technical Know-how from Hangzhou Beta Meter Co. Ltd (Holley Group), a global leader in gas meter production, adds another layer of expertise to the endeavor. This collaboration should help ensure that IGTL’s smart gas meters meet international standards of quality and performance. Overall, this initiative holds great promise for advancing India’s capabilities in smart meter manufacturing and contributing to the country’s efforts towards modernizing its energy infrastructure.

IGTL was incorporated during June 2023, pursuant to the Joint Venture Agreement signed between IGL & GGSPL in March 2023. IGTL is in the advanced stages to establish India’s first facility to produce Smart Gas Meters, which is expected to be erected by the beginning of 2ND quarter of FY 2024~25, and start production during the end of 3RD Quarter of FY 2024~25.

IGTL will be India’s first Integrated Smart Gas Meter Manufacturer, established with a vision to provide reliable, accurate and Smart Gas Meters, our company is at the forefront of the gas meter industry since its inception. With a team of skilled professionals and state-of-the- art manufacturing facilities, IGTL is committed to delivering the highest quality products to our customers. IGTL gas meters have been designed to meet the needs of industrial as well as residential applications.

Vikas Lifecare’s subsidiary GGSPL is engaged in the business of Smart Gas Meters being supplied to all the major Gas Distribution Companies for domestic and commercial consumers. Genesis pioneers in Smart Gas and Water Metering and commands about 17% of the Domestic Gas Metering business share in India, supplying Gas Meters to the industry leaders including Gujarat Gas Limited (GGL), Avantika Gas Limited, and many more renowned companies engaged in gas exploration, gas transportation and gas distribution.

Vikas Lifecare Limited (VLL) is an ISO 9001:2015 certified company, conventionally engaged in manufacturing and trading of Polymer and Rubber compounds and Specialty Additives for Plastics, Synthetic & Natural Rubber. Polymer & Rubber Commodity (bulk consumption) Compounds and Master-Batches (Manufacturing up- cycled compounds from industrial and post-consumer waste materials like EVA, PVC, PP, PE etc.), contributing to the Environment Protection initiatives from the Government of India and fulfilling the mandated EPR obligations for the conglomerates consuming hundreds of thousands of tons of plastic products and packaging materials. The securities of the Company are listed on both the Stock Exchanges, BSE (Scrip Code: 542655) and NSE (Symbol: VIKASLIFE).