GMR Secures INR 2128 Crore Loan from IREDA for Smart Meter Installation in Uttar Pradesh
GMR Smart Electricity Distributions (GSEDPL), a subsidiary of GMR Power and Urban Infra, has secured an INR 2,128 crore loan from IREDA to finance smart meter installations in Uttar Pradesh.
January 09, 2025. By Mrinmoy Dey
“GSEDPL through its three SPVs GMR Agra Smart Meters Ltd., GMR Kashi Smart Meters Ltd. and GMR Triveni Smart Meters Ltd. have obtained approval/sanction from Indian Renewable Energy Development Agency Ltd. (IREDA). IREDA has sanctioned in aggregate total project loan of INR 2128 crore (to be disbursed in tranches) to three project SPVs formed for the purpose of implementation of the smart metering business,” the company informed in a regulatory filing.
GMR Power and Urban Infra has extended a corporate guarantee in favour of IREDA for a loan of INR 440 crore each to the project SPVs, till the commercial operation date (COD). “The corporate guarantee for the balance amount will also be extended by the company once the approval of shareholders for the material related party transaction is obtained by the company,” it said.
The company won the project in 2023. The scope of work included installation, integration and maintaining 75.69 lakh smart meters in three zones in Uttar Pradesh.
The tenders were issued by Purvanchal Vidyut Vitran Nigam Ltd. (PuVNL) for two zones – Varanasi, Azamgarh zone and Prayagraj, Mirzapur zone and Dakshinanchal Vidyut Vitran Nigam Ltd. for Agra and Aligarh zone.
GSEDPL through its three SPVs are in the process of implementation of the project in consortium with Bosch Global Software Technologies (BOSCH) as a technical partner. The entire project cost of INR 3467.02 crore is proposed to be funded in a mix of debt, equity and internal accrual.
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