Genus Power Infrastructures Limited has signed definitive agreements with Gem View Investment Private Limited, an affiliate of GIC, Singapore for setting up of a platform for undertaking advanced metering infrastructure service provider concessions.
GIC will hold 74 per cent stake while Genus will hold 26 per cent stake in the platform. The partners have committed to an initial pipeline with a capital outlay of approximately USD2 billion. Genus would be the exclusive supplier to the platform for smart meters and associated services. Further, investment by Chiswick Investment Private Limited, an affiliate of GIC, of up to Rs 5.19 billion by way of a preferential allotment of warrants shall constitute 15 per cent of the issued and paid-up share capital of Genus on a fully diluted/as converted basis. The transactions are subject to the approval of Genus shareholders and fulfilment of customary closing conditions to the satisfaction of the GIC affiliates. This represents the largest transaction in the smart metering space in the country.