Genus Power Infrastructures Ltd has reported the winning of a major smart metering order, closely following a similar-sized mandate won just last month.
In a release, Genus Power Infrastructures said that its unnamed wholly-owned subsidiary has received a letter of award of Rs.2,209.84 crore (net of tax) for appointment of Advanced Metering Infrastructure Service Provider (AMISP).
The mandate, on which no further details were provided, includes design of AMI system with supply, installation and commissioning of 21.77 lakh smart prepaid meters on DBFOOT (Design, Build, Finance, Own, Operate & Transfer) basis under the Revamped Distribution Sector Scheme (RDSS).
Following this order, the company’s outstanding order book position stands at over Rs.8,200 crore (net of tax), Genus Power said.
The release said that many state electricity boards (utilities) have have initiated the process of inviting bids for the deployment of smart meters, which serves as a testament to the positive impact of RDSS.
The company, as per its own analysis, anticipates a robust surge in order volumes during the forthcoming quarters of FY24.
Second major order
According to Jitendra Kumar Agarwal, Joint Managing Director, Genus Power Infrastructures Ltd, “We are pleased to inform that our company has secured a substantial order valued at Rs. 2,210 crore (net of tax). This is the second major order that we have won, after securing an order of Rs. 2,208 crore (net of tax) in last month. This achievement represents a substantial milestone for our organisation, and we possess a strong conviction that it will serve as a catalyst for exponential business expansion within the Indian market.”
Investment platform
It may be recalled that Genus Power recently created a $2-billion investment platform to finance its upcoming smart metering projects, which will be implemented under the TOTEX mode. (Read more)
Also read: Genus Power Teams Up With Singapore Firm For Smart Metering Platform
Transformation of power distribution
“Smart meters are an important part of the transformation of the power distribution domain, and we are proud to be playing a leading role in this transformation. These orders will enable us to deploy our smart metering solutions to millions of homes and businesses in India, and we look forward to working with our customers to help them reduce their energy consumption and improve their energy efficiency,” Agarwal added.
Featured photograph is for representation only.
