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GMR Smart Electricity Distribution Secures Rs 2128 Cr Loan for Smart Meter Installation in Uttar Pradesh

GMR Smart Electricity Distribution Limited (GSEDPL), a subsidiary of GMR Power and Urban Infra Limited (GPUIL), has secured a loan approval of Rs21.28 billion from the Indian Renewable Energy Development Agency. This loan will be released in phases to support the partial financing of 7.57 million smart meters being installed across Uttar Pradesh.

The project was awarded to GSEDPL in July 2023 under a 10-year contract with state power distribution companies to install, integrate, and maintain the meters. The tenders were issued by Purvanchal Vidyut Vitran Nigam for the Varanasi, Azamgarh, Prayagraj, and Mirzapur zones, and by Dakshinanchal Vidyut Vitran Nigam for the Agra and Aligarh zones. The allocation includes 2.6 million meters for Agra and Aligarh, 2.7 million for Varanasi and Azamgarh, and 2.3 million for Prayagraj and Mirzapur.

The total estimated cost of the project stands at Rs34.67 billion. GSEDPL has collaborated with Bosch Global Software Technologies as the technical partner for implementation. The company is carrying out the installations through its special purpose vehicles (SPVs): GMR Agra Smart Meters, GMR Kashi Smart Meters, and GMR Triveni Smart Meters. GPUIL has issued a corporate guarantee of Rs4.39 billion to each SPV until the commercial operation of the meters begins, with the remaining guarantee contingent on shareholder approval.