Genus Power sets up a platform with GIC Entities to bid for AMISP concessions

Genus Power Ltd is setting up a JV with affiliates of GIC, Singapore to bid for various ‘Appointment of Advanced Metering Infrastructure Service Provider’ (AMISP) concessions.

The JV partners will comprise of Gem View Investment Pte Ltd, a company incorporated under the laws of Singapore (“Gem View”), Gemstar Infra Pte Ltd, Genus Power Infrastructures Limited (the “Company”), Ishwar Chand Agarwal, Kailash Chandra Agarwal, Rajendra Kumar Agarwal and Jitendra Kumar Agarwal.

The setting up of JV will also entail – a) an investment agreement by and between the Company, Gem View and Gemstar Infra Pte Ltd; and (iii) a warrants subscription agreement by and between the Company and Chiswick Investment Pte Ltd, a company incorporated under the laws of Singapore(“Chiswick”), to issue and allot 4,59,78,965 share warrants for an aggregate consideration of up to ~INR 519.01 crore by way of a preferential issue on a private placement basis (“Preferential Issue”). Gem View and Chiswick are affiliates of GIC, Singapore (“GIC Entities”).