TT&A and Resolut Partners assisted Genus Power & Infrastructures and Gem View Investment, respectively, in establishing a USD2 billion joint venture platform, making it the largest transaction in the energy smart meter market in India.
Genus Power is the largest manufacturer of smart meters across India, while Gem View is an affiliate of Singapore sovereign wealth fund GIC. Partners Gautam Saha and Punita Gupta led the TT&A transaction team, with the assistance of managing associate Akshita Alok. Resolut Partners advised Gem View and GIC.
“Genus has partnered with GIC to set up a platform for bidding and undertaking advanced metering infrastructure service provider and allied services. As part of the deal, Genus will be the exclusive supplier to the platform for smart meters and associated services. Given that, there were a number of considerations to ensure that the platform structure was compliant with the regulatory requirements,” Gupta told India Business Law Journal.
Resolut said smart meters offer distinct advantages, generating revenue early in construction with secure payments and reducing payment risks for distribution companies. This sector will be crucial for integrating smart grids, time-of-day metering, and efficient transmission in India’s energy initiatives, the law firm said.
Chiswick Investment, an affiliate of GIC, will also invest up to USD63.2 million through preferential warrants, potentially representing 15% of Genus Power’s fully diluted share capital.
Gem View will hold a 74% stake, while Genus will hold a 26% stake in the joint venture platform that is being set up.
India plans to implement the national smart metering project, under the Revamped Distribution Sector Scheme, with a plan to install 250 million meters by 2025, estimated to cost around USD30 billion.
The scheme offers result-linked financial assistance to power distribution companies based on meeting pre-qualifying criteria and achieving minimum benchmarks, thereby strengthening the supply infrastructure.
