Genus Power Infrastructures secures Rs 3,121.42Cr AMISPs Contract

Genus Power Infrastructures, a prominent metering company, disclosed on Monday that its wholly owned subsidiary has been awarded a 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 on a Design-Build Finance-Own-Operate-Transfer (DBFOOT) basis.

The company foresees a potential surge in order volumes in the forthcoming quarters of the fiscal year 2023-24, as numerous state electricity boards (SEBs) have initiated the bidding process for the procurement of smart meters.

Jitendra Kumar Agarwal, Joint Managing Director of Genus Power Infrastructures Ltd, expressed satisfaction with the recent influx of sizable orders for smart meters. He emphasized that the confidence shown by their esteemed clientele underscores the company's exceptional capabilities and unwavering commitment to delivering top-tier solutions. This latest surge in orders solidifies their position as leaders in intelligent metering solutions in the Indian market.

Agarwal also revealed that the company's current order book exceeds Rs 17,000 crore, providing a strong foundation for future revenue growth. Genus Power Infrastructures is strategically poised to capitalize on the escalating market demand for smart meters in India.

In July, Genus Power Infrastructures, in collaboration with GIC Singapore, announced plans to establish a platform in India to fund smart metering projects, with GIC holding a 74% stake. The partners have committed an initial capital of $2 billion, with Genus designated as the exclusive supplier of smart meters and related services for the platform.