Genesis Gas Solutions, an arm of Vikas Lifecare (VLF), has inked a pact with Indraprastha Gas (IGL) to set up a metre manufacturing plant through a joint venture (JV) with an investment of Rs 110 crore.
In the JV, IGL and Genesis will have share capital in the ratio of 51:49.
The unit will manufacture diaphragm gas metres equipped with IoT technologies like LoRa, LoRaWAN, Bluetooth, NFC, NB-IoT, etc. Initially, it will have an installed capacity to manufacture one million metres annually.
The unit expects to be operationalised by April 2024.