GSEDP has secured a loan of Rs 21.28 billion from IREDA for the Smart Meter Project in Uttar Pradesh (UP).
Banking & Finance
On January 9, 2025, GMR Smart Electricity Distribution (GSEDPL), a company based in Uttar Pradesh (UP) and a subsidiary of Grandhi Mallikarjuna Rao (GMR) Power and Urban Infra (GPUIL), received approval for a Rs 21.28 billion (USD 247.66 million) loan from the Indian Renewable Energy Development Agency Limited (IREDA).
- This loan will be used to install 7.57 million smart meters across UP as part of a larger project worth Rs 34.67 billion (USD 403.75 million).
- GSEDPL will operate and maintain these smart meters under a 10-year contract with the local electricity distribution companies (DISCOMs).
- The project will cover five areas: Varanasi, Azamgarh, Prayagraj, Mirzapur, Agra, and Aligarh, and will be managed by two state-owned DISCOMs: Purvanchal Vidyut Vitran Nigam (PuVNL) and Dakshinanchal Vidyut Vitran Nigam (DVVNL).
Main Point :- (i) The project will be carried out through three Special Purpose Vehicles (SPVs): GMR Agra Smart Meters Limited, GMR Kashi Smart Meters Limited, and GMR Triveni Smart Meters Limited.
(ii) Bosch Global Software Technologies Private Limited (BGSW) is the technical partner for the project.
(iii) GPUIL has provided a corporate guarantee of Rs 440 crore (USD 51.21 million) to each SPV until the Commercial Operation Date (COD).
About Uttar Pradesh
Chief minister: Yogi Adityanath
Governor: Anandiben Patel
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