New Delhi [India], January 14 (ANI/PNN): BSE and NSE listed Vikas Lifecare Limited has announced that, moving further ahead with the objective of broad-basing the product portfolio, and diversifying into futuristic and unique product lines, new edge businesses, complimenting and supplementing the existing business lines of the Company, the company has entered into definite agreement with the existing promoters/shareholders for acquiring 75% equity of Genesis Gas Solutions Private Limited (the 'Genesis'), a company engaged in the business developing "Smart Products" including Smart Gas Meters & Power Distribution solutions for the ever-expanding infrastructure in India, in a cash deal amounting Rs. 250 million, payable in stages.
Post achieving the long-desired debt-free status this year, Vikas Lifecare has actively exploring and working towards expanding its businesses footprints in emerging infrastructure products segment along with other business strategies.
Company is already in advance stage of commissioning manufacturing plant of pipe lines for gas distribution, commercial production expected within the current financial year. Vikas Lifecare Ltd. (VLL) is an ISO 9001:2015 certified company, engaged in trading and manufacturing of polymer, rubber compounds and additives for plastics, synthetic & natural rubber.
The company is primarily engaged in the various business segments i.e. Polymer & Rubber Commodity (bulk consumption) Compounds and Master-Batches (Manufacturing up-cycled compounds from industrial and post-consumer waste materials like EVA, PVC, PP, PE etc.), contributing to the Environment Protection initiatives from the Government of India and fulfilling the mandated EPR obligations for the conglomerates using hundreds of thousands of tonnes of plastic products and packaging materials.
VLL is also a Del-Credere agent of ONGC (Oil and Natural Gas Corporation Ltd.) Petro Additions Limited, a public sector undertaking producing a wide variety of base polymers and commodity plastic raw materials.
As a long-term business strategy, the company has most recently diversified it's business interests beyond raw materials (B2B businesses) and forayed into the B2C segment with a host of consumer products including FMCG, Agro, and Infrastructure Products; paving way for an aggressive business growth with intricately planned and selected product portfolios via acquisitions, joint ventures and tie- ups. VLL intends establishing / acquiring businesses in these segments thereby expanding its footprint in the country and beyond.
The securities of the Company are listed on both the Stock Exchanges, BSE (Scrip Code: 542655) and NSE (Scrip Code: VIKASLIFE).
Genesis was Co-Founded in 2017 by a team of technopreneur's and finance professionals having an enviable history with successful start-ups developing and offering many niche products to the defence equipment industry and the electrical utility segment. These Technocrats, graduated from premier institutions like IITs, provided Genesis with niche and indigenous products in sophisticated solid-state encryption for defence applications and several successful products for the power distribution companies, which are well accepted and already being extensively applied commercially in the field to reduce transmission losses of the electricity distribution companies.
Genesis since its incorporation has been specifically focussed on the evolving City Gas Distribution sector in India. Genesis created a varied Intellectual Property including software and hardware solutions for the City Gas Distribution in domestic Metering Sector as well as industrial Gas Metering Applications along with Gas Leak Detection Systems and has carved out a niche for itself by acquiring about 20% of the Domestic Gas Metering share in India.
Genesis also pioneered in Smart Gas and Water Metering in India by bringing out India's first Pre- Payment system indigenously developed and acquired by Indraprastha Gas Limited (IGL-India's Largest Gas Company) and GAIL (India) Limited. Genesis has also brought out its own network solution to complement its field devices which is now being recognized by companies like Honeywell and Hitachi who are testing these in-house products for their projects world-wide.
Few of the remarkable achievements & developments to Genesis' credit are
Genesis is the supplier of Gas meters to IGL with having supplied more than 4 lakh meters of Hangzhou Beta Meter Co. Ltd, along with after sales services under exclusive supply arrangement. Hangzhou Beta Meter Co. Ltd due to its advanced technological strength, modern management and high production capacity is considered as world's first ranking gas meter manufacturer company.
In SCADA system, Genesis shortly making our proposals for various Gas Companies for linking all CNG Stations and making single console for operations.
Genesis also does Smart Meter Meter Interface Unit (MIU) and associated services being used by Indraprastha Gas Ltd - JV of GAIL, BPCL and Govt of NCT of Delhi
Genesis is smart metering solution provider (AMR & Prepaid) with RF based Lora WAN technology, partnering with Tata Communications.
Genesis Gas developed India's first Meter Data Management (MDM)and Head end system for Gas utilities which run more than 150,000 smart meters in India.
Genesis clients includes:
Avantika Gas Ltd - JV of Gail and HPCL
Gujrat Gas Ltd - India's Largest CGD
Haryana City Gas ltd, among others
This story is provided by PNN. ANI will not be responsible in any way for the content of this article. (ANI/PNN)