The government is pushing for widespread adoption of smart meters to modernize energy infrastructure and align with global standards. Earlier in May, the government launched a major smart metering initiative aimed at installing 250 million smart meters across the country by 2025.
ONGC's del-credere agent, Vikas Lifecare, a high-end specialty chemicals provider, that has entered into a joint venture agreement with Indraprastha Gas Limited to set up India's first integrated smart meter manufacturing unit, has declared its quarterly earnings.
According to an exchange filing, its net sales stood at nearly Rs 99 crore in Q1, showing a jump of 6.50 per cent as compared to Rs 92 crore in the same quarter of the previous financial year. The profit after tax increased more than 300 per cent on YoY basis to Rs 11.7 crore.
Earlier in July, news agency PTI reported that Vikas Lifecare will set up a smart meter manufacturing unit in a joint venture with India's leading natural gas distribution company, IGL, at a capital expenditure of Rs 110 crore. As per the agreement, IGL will have a 51 per cent stake in the joint venture, IGL Genesis Technologies.
Before that, Vikas Lifecare had secured the first-ever order for Ultrasonic gas meters from Germany. Ultrasonic meters are the highest in efficacy in terms of accuracy and reliability across the world and are mostly required at large-diameter gas pipelines. Earlier on Friday, its shares closed nearly 2 per cent lower at Rs 3.11 on the BSE.
The Modi government has, over the last few years, rolled out a slew of measures to boost domestic manufacturing. The sector has shown impressive growth and attracted foreign investment, supported by reforms.
According to data, the rise in manufacturing activities has also pushed for the creation of new employment opportunities. Union Labour and Employment Minister Bhupender Yadav recently said the country has seen a massive increase in employment opportunities in the last nine years, and about 1.25 crore new jobs have been created since 2014.
Latest Business News
