Vikas Life Care has recently divulged a detailed note on the recent trends that have been witnessed by IGL Genesis Technologies (IGTL), a long standing joint venture between the Genesis Gas Solutions (GGSPL), a subsidiary of Vikas Lifecare, and Indraprastha Gas (IGL). With this move, the joint venture is ready to deliver most eminent contribution towards the development of the country’s energy landscape.
IGTL has commenced a notable IGTL has embarked on a major initiative to set up a world-class manufacturing facility inside India that is going to produce the advanced Smart Gas Meters. In order to bring in a bit of state of the art technology with this venture, IGTL has secured technical support from Hangzhou Beta Meter Co., the world’s leading major in gas meter manufacturing and a part of the Holley Group, one of the world’s leading manufacturers of Gas Meters.
IGTL has managed to acquire the critical technology for producing Smart Gas Meters in a remarkable achievement and has invested close to USD 2.4 Million (equivalent to Rs 19.92 crore approx.), as one of the notable development. This proactive move would surely place IGTL ahead of the time, on innovation curve for the gas metering industry. Interestingly, this strategic acquisition is an integral part of a nation-wide strategy to contribute to the development of the smart infrastructure ecosystem in India.
The financial flow of this venture is very important. It is also worth noting that in the remittance has already paid the IGTL 50 % of the total investment to the tune of $1.2 million (about Rs 9.96 crore), which demonstrates commitment to timely and effective execution. The amount has been borrowed from a new capital infusion of around Rs 37 crore that has already been obtained.
This capital injection of capital makes IGTL in a very good position by providing beyond the state-of-the-art technical capabilities. The company shows a great opportunity to progress in the dynamical sphere of smart gas meter manufacturing together with the demand for more advanced implementations in the Indian market. While IGTL carries on with its pursuit of the mission, the latter’s ultimate goal is set for the transformation of the energy industry in line with the bigger picture of the green future that stands on linger-lasting technologies.