Following the transaction, Genus Power will own 26% of the platform, with Gem View Investment, a GIC affiliate, retaining the remaining 74%.

Singapore’s sovereign wealth fund GIC said on July 4 that it would spend $2 billion (more than Rs 16,000 crore) to purchase a 74 percent share in Genus Power & Infrastructure’s new smart metering solutions company.

Following the transaction, Genus Power will own 26% of the platform, leaving Gem View Investment, a GIC affiliate, with a 74 percent interest.

In accordance with the agreement, Chiswick Investment, a different GIC affiliate, will contribute up to Rs 519 crore through the preferential allotment of warrants, which will account for 15% of Genus Power’s paid-up share capital on a fully diluted/as converted basis.

The platform’s exclusive supplier of smart meters and related services will be Genus Power.

Genus Power, situated in Jaipur, is a $400 million Kailash Group company. It has two business divisions: metering solutions and an EPC segment that offers the power sector a full range of services.

The money, according to Genus Power, is the biggest deal ever made in the nation for smart meters.

The government intends to install 250 million smart meters by 2025 as part of the national smart metering initiative, which is a component of the Revamped Distribution Sector Scheme (RDSS), at an estimated cost of $30 billion.

By offering DISCOMs results-linked financial aid, smart metering initiatives funded by the RDSS scheme are designed to reduce such losses, increase their operational effectiveness, and improve their financial sustainability. High financial losses result from technical and commercial losses for all major Indian utilities that are greater than 15%.