GMR Smart Electricity Distribution Pvt Ltd, a subsidiary of GMR Power and Urban Infra Limited specializing in smart meters, is reportedly on the lookout for $100-150 million (around ₹834 crore- ₹1251 crore) in funding. The capital is intended to facilitate the rollout of smart meters and to bid for new tenders.

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What Happened: GMR’s smart meter division is collaborating with investment banks to secure the funds, reported Moneycontrol. This development follows the company’s successful bid last year for a ₹7,593 crore order to implement a large-scale smart metering project under the DBFOOT (Design, Build, Finance, Own, Operate, and Transfer) model.

The project entails the installation of 75.69 lakh prepaid smart meters across two discoms — Dakshinanchal Vidyut Vitran Nigam Limited and Purvanchal Vidyut Vitaran Nigam Limited. The project will be implemented across  22 districts including Varanasi, Prayagraj, Agra, Mathura, and Aligarh, among others.

Why It Matters: The smart meter market in India is a $30 billion opportunity, spurred by the government’s initiative to install 250 million smart meters by 2026. The funds raised will enable GMR to expand its operations and cater to the increasing demand for smart meters in India. Smart meters not only enhance the financial viability of power discoms by reducing billing and collection losses but also offer real-time access to consumption data, enabling consumers to reduce their energy bills.

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