Recycling firm Vikas Lifecare forms JV to manufacture smart meters

New Delhi, July 15: Recycling player Vikas Lifecare will set up a smart meter manufacturing unit in a joint venture with Indraprastha Gas Limited (IGL).
An amount of Rs 110 crore will be invested through the JV company IGL Genesis Technologies to carry forward the smart meter manufacturing plans, Vikas Lifecare said in a regulatory filing on Friday.
Vikas Lifecare enters into joint venture agreement with Indraprastha Gas Limited (GL) to set up an integrated smart meter manufacturing plant with a capital expenditure of Rs 1,100 million (Rs 110 crore,) the filing said.
IGL will hold a 51 per cent stake in the JV which will “manufacture gas meters and fully manufactured gas meters, selling, distributing and supply of gas meters, hand held unit (HU) and/ or data concentration unit (DCU),” it said.
Vikas Lifecare recycles plastic waste to manufacture pallets and interlocking tiles for industrial applications. (PTI)