Vikas Lifecare, a prominent Recycling player, has informed that it has formed a Joint Venture (JV) company to set up a smart meter manufacturing unit at an investment of Rs 108 crore.
New Delhi: Vikas Lifecare, a prominent Recycling player, has informed that it has formed a Joint Venture (JV) company to set up a smart meter manufacturing unit at an investment of Rs 108 crore. In a statement, Vikas Lifecare said Genesis Gas Solutions Pvt Ltd (Genesis), the subsidiary of the company, has formed JV IGL Genesis Technologies Ltd with equity participation from Indraprastha Gas Ltd (IGL) in the ratio of 49:51.
The company further added that the JV will set up a smart meter manufacturing facility at an initial investment of Rs 108 crore in Noida, Uttar Pradesh. The unit, with a capacity to manufacture 1 million smart meters annually, is being set up over an area of 65,000 sq ft, and is expected to be made operational by July this year.
Orders for the manufacturing equipment have already been finalised and will be placed within this month. Vikas Lifecare recycles plastic waste to manufacture pallets and interlocking tiles for industrial applications.
(With PTI Inputs)