Jaipur-based Polaris Smart Metering has bagged two smart meter projects aggregating to Rs 5,200 crore from Madhyanchal Vidyut Vitran Nigam (MVVNL). The contracts has been awarded to install over 5.1 million smart meters in the key clusters of Lucknow and Ayodhya/Devipatan in Uttar Pradesh.

As per the agreement, the company will be responsible for supplying, commissioning, and maintainance of smart meters for consumers and system metering across the consumer base in these clusters for the next 10 years. It plans to install these smart meters over the next 27 months. These smart meters will be equipped with cutting-edge technology, enabling prepaid billing, real-time energy monitoring, accurate metering, and improved grid management capabilities.

This contract comes under a design, build, finance, operate, own, and transfer (DBFOOT) agreement. Meanwhile, Polaris has also received letter of awards (LOAs) worth over Rs 2,400 crore from West Bengal and Manipur to install more than 2.3 million smart meters across these two states. The primary objective of this project is to reduce losses for discoms (power distribution companies).

By securing contracts in Uttar Pradesh and the LoAs in West Bengal and Manipur highlights the company's commitment towards digitising and transforming India's electricity grid and marks a significant stride towards a smarter and more sustainable energy future for the country.