Genus Power Infrastructures Subsidiary Secures Rs. 3,121.42 Crore Order.

Genus Power Infrastructures, a leading metering company, announced on Monday that its wholly owned subsidiary has been awarded a significant contract valued at Rs. 3,121 crore. The contract pertains to the appointment of Advanced Metering Infrastructure Service Providers (AMISPs) and encompasses the design, supply, installation, and commissioning of 3.6 million smart prepaid meters and system meters under a Design-Build Finance-Own-Operate-Transfer (DBFOOT) arrangement for an Advanced Metering Infrastructure (AMI) system.

The company anticipates a "consistent and noteworthy surge" in order volumes in the forthcoming quarters of the fiscal year 2023-24. This surge is attributed to multiple state electricity boards (SEBs) initiating the bidding process for the procurement of smart meters.

Jitendra Kumar Agarwal, Joint Managing Director of Genus Power Infrastructures Ltd, expressed satisfaction with the new orders, stating, "We are happy to report that we've been able to secure several new, sizable orders for our smart meters during the current fiscal year. The strong confidence exhibited by our valued clientele is a clear indication of our formidable competencies and steadfast commitment to providing outstanding offerings and solutions of unparalleled excellence. The recent influx of orders serves to fortify our position as the preeminent purveyor of intelligent metering solutions within the Indian market, thereby reaffirming our unwavering dominance in the industry."

Agarwal also disclosed that the company's total order book has surpassed Rs. 17,000 crore, signaling potential robust revenue growth in the future. Genus Power Infrastructures is strategically poised to leverage India's increasing market demand for smart meters.

Notably, in July, Genus Power Infrastructures, in partnership with GIC, Singapore, announced plans to establish a new platform in India to fund smart metering projects across the country. Under this arrangement, GIC holds a 74% stake, with Genus retaining the remaining share. The partners have committed to an initial pipeline with a capital outlay of $2 billion, and Genus is designated as the exclusive supplier to the platform for smart meters and associated services.

BS