Genus Power Infrastructures (Genus) has signed definitive agreements with Gem View Investment, an affiliate of the Government of Singapore Investment Corporation (GIC), Singapore to set up a platform for smart metering projects. Genus will serve as an advanced metering infrastructure service provider (AMISP).

In this agreement, GIC will own a 74 percent stake and Genus will hold the remaining stake. In addition, the partners have committed to an initial pipeline with a capital expenditure of USD two billion, Genus would be the exclusive supplier for this project. Further, Genus would supplement its manufacturing and execution prowess with access to capital and will scale up the deployment of energy smart metres across India.

With the completion of this project, it will be the largest transaction in the smart metering space in India, till date. Further, the Centre aims to install 250 million meters by 2025, with an estimated investment of USD 30 billion.