Genus Power Infrastructures Expands with New Subsidiary for AMISP Contract Execution

Genus Power Infrastructures Limited has recently taken significant steps to strengthen its position in the power infrastructure and distribution industry.

The company informed the exchanges that on August 28, 2024, it incorporated a wholly-owned step-down subsidiary named, Genus Mewar Smart Metering SPV Private Limited. This new entity was officially recognised with the issuance of a Certificate of Incorporation on August 30, 2024. The authorised and subscribed capital for this subsidiary is ₹1,00,000.

The primary purpose behind the incorporation of Genus Mewar Smart Metering SPV Private Limited is to execute the Advanced Metering Infrastructure Service Provider (AMISP) contract. This initiative aligns with Genus Power Infrastructures’ broader strategy to play a pivotal role in the development of advanced metering infrastructure across India. The company has been actively expanding its portfolio of subsidiaries to focus on the AMISP sector.

In August 2024, Genus Power Infrastructures had already incorporated 5 new wholly-owned subsidiaries, all serving as Special Purpose Vehicles (SPVs) dedicated to AMISP contracts.

Genus Power Infrastructures Limited also secured three significant Letters of Award (LOA) in August 2024, through its wholly-owned subsidiary. These contracts, worth a total of ₹4,469.04 crore (net of taxes), are for the appointment of Advanced Metering Infrastructure Service Providers (AMISPs).

The scope of these contracts includes the design, supply, installation, and commissioning of approximately 5.59 million Smart Prepaid Meters, as well as system meters including Distribution Transformer (DT) Meters. The project also encompasses energy accounting on a Design, Build, Finance, Own, Operate, and Transfer (DBFOOT) basis, ensuring comprehensive management of the metering infrastructure.

These strategic moves underscore Genus Power Infrastructures Limited’s commitment to enhancing India’s power infrastructure through cutting-edge technology and robust operational frameworks. The company’s proactive expansion into the smart metering sector is poised to significantly impact the nation’s energy management capabilities.

On September 2, 2024, the share price of Genus Power Infrastructures Ltd opened at ₹463.00, touching the day’s low at ₹435.80, as of 9:29 AM on the NSE.

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