Gemstar secures Rs 2,600 crore financing for Rajasthan smart meter projects
Gemstar Infra Pte. Ltd. has secured Rs 2,600 crore in financing from a consortium led by the International Finance Corporation (IFC) to support the deployment and operation of 13.6 million smart meters across 28 districts of Rajasthan. The financing will be provided to the company’s Special Purpose Vehicles (SPVs) and forms part of a broader IFC-led financing package for Rajasthan projects under the Revamped Distribution Sector Scheme (RDSS).
The consortium includes IFC, acting as Mandated Lead Arranger, and India Infrastructure Finance Company Ltd (IIFCL).
The funding will support the rollout of 13.6 million smart meters across 28 districts of Rajasthan under the RDSS. The scheme aims to improve the operational and financial performance of power distribution utilities through technology-enabled reforms.
According to the company, the investment is expected to increase smart meter penetration and support improvements in billing accuracy, energy accounting, collection efficiency and the reduction of aggregate technical and commercial losses.
Gemstar Infra Pte. Ltd. is a Singapore-based Advanced Metering Infrastructure Service Provider (AMISP) with a portfolio of more than 35 million smart meters across nine states in India.
Genus Power Infrastructures Ltd will serve as the exclusive service provider to Gemstar for the supply, installation, and operations and maintenance of smart meters under the Gemstar platform.
Company statements
NK Panda, Chief Executive Officer, Gemstar India, said the financing reflects confidence from international and domestic financial institutions in India’s smart metering sector. He said the Rajasthan projects will contribute to strengthening power distribution infrastructure while supporting energy transition and digitalisation objectives under the RDSS.
Vikram Kumar, Regional Industry Director, Infrastructure and Natural Resources in Asia and the Pacific at IFC, said smart meter deployment is an important component of power sector modernisation. He said the investment supports infrastructure upgrades, mobilisation of private capital and job creation in installation, operations and maintenance activities.