Genus Power Infrastructures Adds 5 New Subsidiaries

On August 29, 2024, Genus Power Infrastructures Limited announced the incorporation of 5 wholly-owned step-down subsidiaries. These newly established entities, created on August 28, 2024, are Genus Braj Smart Metering SPV Private Limited, Genus Bikana Smart Metering SPV Private Limited, Genus Banas Smart Metering SPV Private Limited, Genus Marudhara Smart Metering SPV Private Limited, and Genus Rajputana Smart Metering SPV Private Limited.

The company stated that each of these special purpose vehicles (SPVs) has an authorised and subscribed capital of ₹1,00,000.

They added that the primary objective of these SPVs is to execute the Advanced Metering Infrastructure Service Provider (AMISP) contract. They are set up under the Companies Act, 2013, and are registered in Delhi. Genus Power Infrastructures Limited holds a 100% shareholding in each of these SPVs through its wholly-owned subsidiary, Genus Metering Communication Private Limited.

The newly formed SPVs will focus on the manufacturing of various types of smart, advanced, and prepaid meters, supporting the company’s expansion into advanced metering solutions. This strategic move aligns with the company’s broader goals of enhancing its capabilities in the smart metering sector.

On August 28, 2024, Genus Power Infrastructures Limited announced that the company’s wholly-owned subsidiary had received 3 Letter of Awards (LOA) worth totalling ₹4,469.04 crore (net of taxes). These LOAs are for the appointment of Advanced Metering Infrastructure Service Providers (AMISPs), including the design of an Advance Metering Infrastructure (AMI) system with supply, installation and commissioning with FMS of about 5.59 million Smart Prepaid Meters, system meters including DT Meters with corresponding energy accounting on DBFOOT basis.

About Genus Power Infrastructures Limited 

Genus Power Infrastructures Ltd, founded in 1995, is a major player in India’s electricity metering sector, holding approximately 27% of the market share. The company leads in various meter types and has developed advanced smart metering solutions through its in-house R&D centre. Additionally, it operates an engineering, construction, and contracts (ECC) division that supports its metering business. With manufacturing plants located in Jaipur, Haridwar, and Guwahati, Genus Power has a total installed capacity of over 10 million meters. Its key customers include prominent State Electricity Boards (SEBs) and private utilities.

On August 30, 2024, the share price of Genus Power Infrastructures Ltd opened at ₹471.00, touching the day’s low at ₹452.25, as of 10:13 AM on the NSE.

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