GMR Power and Urban Infra Limited (GPUIL) has announced a major development in its smart metering project. The company’s subsidiary, GMR Smart Electricity Distributions Private Limited (GSEDPL), has received project loan sanctions totaling ₹2,128 crore from the Indian Renewable Energy Development Agency Limited (IREDA). The loan will support the installation, integration, and maintenance of 75.69 lakh smart meters across key zones in Uttar Pradesh, including Varanasi, Azamgarh, Prayagraj, Mirzapur, Agra, and Aligarh.
Key Highlights:
- Project Scope: Implementation of 75.69 lakh smart meters in consortium with Bosch Global Software Technologies Private Limited as the technical partner.
- Funding Structure: The ₹3,467.02 crore project will be funded through a mix of debt, equity, and internal accruals.
- Loan Allocation: ₹440 crore will be disbursed to each of the three project-specific SPVs—GMR Agra Smart Meters Limited, GMR Kashi Smart Meters Limited, and GMR Triveni Smart Meters Limited—until the Commercial Operation Date (COD).
- Corporate Guarantee: GPUIL has extended a corporate guarantee to secure the ₹440 crore loan per SPV. Additional guarantees for the balance amount will follow shareholder approval for material related-party transactions.
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