Genus Power set to gain $2 billion platform by GIC

Recently, the biggest investment firm in Singapore, GIC, made an announcement about joining hands with Genus Power. Genus power, a leading company in the smart metering field, is the manufacturer and supplier of smart meter solutions not only in India but across the Asia Pacific region. Both the firms are investing $2 million to establish a platform for smart metering projects.

Another connective organization of GIC, Chiswick Investment, is about to invest Rs. 519 crore in Genus Power, which will include conversion of convertible warrants into wealth funds. Another affiliate of GIC, Gem View Investment, will have a 74% stake in the platform and it will also have controlling rights.

GIC’s investment is said to be the biggest transaction in the smart metering field. This is great financial help for the manufacturing and implementation of Genus Power work. Genus Power work will encourage the use of energy smart meters across India.

India is planning to set up 25 crore meters by 2025 as a part of the National Smart Metering Project. GIC and Genus Power together are focusing on supporting India’s sustainability goal. They have a vision of creating a platform to support smart meters.