Multibagger Stock below Rs 5: Keep an eye on this penny stock as it announces to set up India's first integrated smart meter manufacturing plant!
Set up India’s first Integrated Smart Meter Manufacturing Plant with Capital Expenditure of Rs. 110 crores
Vikas Lifecare Limited announces that its subsidiary company Genesis Gas Solutions Pvt. Ltd (Genesis) enters into Joint Venture Agreement with Indraprastha Gas Limited (IGL) to set up India’s first Integrated Smart Meter Manufacturing Plant with Capital Expenditure of Rs. 110 crores.
IGL and Genesis joined hands to establish India's first Integrated State-of-the-Art Smart Meter Manufacturing Plant to manufacture Diaphragm Gas Meters equipped with IoT technologies like LoRa, LoRaWAN, Bluetooth, NFC, NB-IoT etc. These Smart Meters shall provide much needed solutions to manage consumers’ energy demand and metering with utmost accuracy and on real time basis. Initially, the Smart Meter Manufacturing Plant shall have installed capacity to manufacture 1 Million Meters annually, and is planned to be operational by April 2024.
Rise in disposable incomes, rapid urbanization, climate stability challenges and government’s thrust towards use of clean energy is leading to increase in market for gas distribution companies thus enhancing the demand for smart metering solutions. Through proposed Joint Venture, IGL and Genesis are aiming to tap this demand not only for domestic consumers but for international market as well by providing latest technology-based metering solutions meant for long range communications and capable of working in low power networks, automated metering, pre-paid metering.
Gas Metering Solutions market is presently dominated by offshore suppliers, with minimal presence of Indian players. This IGL and Genesis Joint Venture, which is being announced following the spirit of Government of India’s Make in India - Make for World initiative, shall be instrumental in paradigm shift in favour of Indian Players.
The proposed Joint Venture shall also develop necessary software, interface with in-built smart analytics, dashboards and predictive maintenance protocols, systems as these are becoming a necessity for running any gas distribution business in an efficient manner.
The proposed Joint Venture between IGL and Genesis shall have the equity participation from both the partners in the ratio of 51:49 respectively.
Dr. Vikas Garg, Chairman of Vikas Group & Director, Genesis said “this Joint Venture will be a game changer and will revolutionize the Smart Metering technology in India and will be a step forward towards Atma Nirbahar Bharat, a much-needed impetus to the concept of a Smarter and Digital India.”
What are your thoughts on this significant increase in the stock, which has jumped more than 110 per cent in the last three years and has turned out to be a multibagger stock? Do you believe the stock will witness a re-rating in the near term? Let us know in the comments.
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