Vikas Lifecare new arm acquires order worth Rs5.5cr

17 Jan 2022 , 03:59 PM

Vikas Lifecare Ltd. in its recent circular stated its recent acquisition Genesis Gas Solutions received orders totaling Rs 5.5 crores (i) for supplying 40,800 Natural Gas Meters, and (ii) for laying Pipeline and commissioning of Meter (Last-Mile Connectivity) from Aavantika Gas Limited, a Joint Venture of GAIL (India) Limited & Hindustan Petroleum Corporation Limited under the Ministry of Petroleum and Natural Gas, Government of India.

Vikas Lifecare Limited is amidst the process of acquiring a 75% equity stake of Genesis Gas Solutions Private Limited, which is a company primarily engaged in the business of developing “Smart Products” including Smart Gas Meters & Power Distribution solutions for the infrastructure segment.

Post-acquisition, Genesis will become a subsidiary company to Vikas Lifecare and will start contributing significantly to its consolidated revenues and resulting profits.