Genus Power Infrastructures Limited has announced the incorporation of two wholly-owned step-down subsidiary companies. The new subsidiaries, Genus Shekhawati Smart Metering Solutions SPV Private Limited and Genus Marwar Smart Metering Solutions SPV Private Limited, were officially established on September 10, 2024.
In a disclosure to BSE Limited and the National Stock Exchange of India Limited, Genus Power Infrastructures detailed the formation of these subsidiaries as part of their strategic expansion into the advanced metering infrastructure sector. Both subsidiaries have an authorized and subscribed capital of Rs. 1,00,000 each.
The company clarified that these new entities will function as special purpose vehicles (SPVs) dedicated to executing Advanced Metering Infrastructure Service Provider (AMISP) contracts. This move aligns with Genus Power Infrastructures’ ongoing efforts to enhance its offerings in the power infrastructure and distribution industry.
Genus Power Infrastructures assured stakeholders that the incorporation of these subsidiaries was a related party transaction conducted at arm’s length. The promoters, promoter group, and group companies have no additional interest in these transactions beyond their roles as wholly-owned subsidiaries.
The primary objective of these SPVs is to manufacture all types of smart, advanced, and prepaid meters. The registered offices of Genus Shekhawati Smart Metering Solutions and Genus Marwar Smart Metering Solutions are located in the state of Delhi.
Genus Power Infrastructures Limited, a Kailash Group company, continues to expand its footprint in the power infrastructure sector, leveraging its expertise and resources to drive innovation and growth.
