IGL Genesis Technologies, a joint venture between gas utility IGL and metering solutions provider Genesis, has signed a deal with China-based Hangzhou Beta Meter to buy smart meter manufacturing technology for USD 2.4 million (about Rs 20 crore).
IGL Genesis Technologies Limited (IGTL) is a 51:49 joint venture between Indraprastha Gas Limited (IGL) and Genesis Gas Solutions Pvt ltd (GGSPL) -- a subsidiary of recycling firm Vikas Lifecare.
IGTL has already initiated the process of setting up the production facility to manufacture smart gas meters in India with technical knowhow from Hangzhou Beta Meter Co., Ltd (Holley Group), according to a statement.
"IGTL has acquired the technology for manufacturing of smart gas meters for about USD 2.4 million (about Rs 199.20 million), of which IGTL has remitted 50 per cent about USD 1.2 million (Rs 99.60 million) this week," Vikas Lifecare said in the statement.
The funds for the payment have been sourced from the capital infusion of about Rs 370 million, contributed to IGTL by both IGL and GGSPL in the ratio 51:49, respectively, it said.