Recycling firm Vikas Lifecare has formed a joint venture to manufacture smart meters at a cost of Rs 108 crore. The facility is expected to be operational by July 2023.
Illustration: Uttam Ghosh/Rediff.com
New Delhi, Jan 13 (PTI) Recycling player Vikas Lifecare on Saturday said it has formed a Joint Venture (JV) company to set up a smart meter manufacturing unit at an investment of Rs 108 crore.
Its subsidiary Genesis Gas Solutions Pvt Ltd (Genesis) has formed JV IGL Genesis Technologies Ltd with equity participation from Indraprastha Gas Ltd (IGL) in the ratio of 49:51, Vikas Lifecare said in a statement.
The JV will set up a smart meter manufacturing facility at an initial investment of Rs 108 crore in Noida, Uttar Pradesh.
The unit, with a capacity to manufacture 1 million smart meters annually, is being set up over an area of 65,000 sq ft, and is expected to be made operational by July this year, the company said.
Orders for the manufacturing equipment have already been finalised and will be placed within this month.
Vikas Lifecare recycles plastic waste to manufacture pallets and interlocking tiles for industrial applications.
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