GMR Smart Electricity Distribution Private Limited (GSEDPL), a subsidiary of GMR Power and Urban Infra Limited, has secured a Rs 21.28 billion financing from the Indian Renewable Energy Development Agency Limited (IREDA) for the smart meters project in Uttar Pradesh.
The project involves the installation and maintenance of 7.57 million meters across Uttar Pradesh. The estimated cost of the project is Rs 34.67 billion. GMR Power has partnered with Bosch Global Software Technologies to execute the project as the technical partner. The loan will be disbursed in tranches to three Special Purpose Vehicles (SPVs) — GMR Agra Smart Meters Limited, GMR Kashi Smart Meters Limited, and GMR Triveni Smart Meters Limited.