Polaris raises Rs 710 crore from BII for West Bengal smart meters

Polaris Smart Metering Private Limited has secured financing of Rs 710 crore, or around $80 million, from British International Investment (BII) for its subsidiary Hooghly Smart Metering Private Limited. The funding will be used to deploy more than 2.2 million smart meters across West Bengal and expand Polaris’ advanced metering infrastructure presence.

Polaris, backed by I Squared Capital, provides integrated smart metering services covering manufacturing, deployment, communications infrastructure, and software solutions.

The company said its current order book is about $1.1 billion, covering 7.5 million electric meters across Uttar Pradesh, West Bengal, and Manipur. It has also expanded into smart gas metering, with 1.6 million meters in operation.

BII is the UK government’s development finance institution and focuses on private sector investment across emerging markets.

The featured photograph is for representation only.