Gemstar Infra Private Limited has secured a Rs 26 billion (USD 274 million) investment from a consortium led by the International Finance Corporation (IFC), acting as mandated lead arranger, for its special purpose vehicles. The consortium also included India Infrastructure Finance Company Limited.
The financing forms part of a broader IFC-led funding package for Gemstar’s Rajasthan SPVs. The funding will support the deployment and operation of 13.6 million smart meters across 28 districts of Rajasthan under the Government of India’s Revamped Distribution Sector Scheme.