New Delhi, June 17 -- Gemstar Infra Pte Ltd, the smart metering platform jointly owned by Singapore sovereign wealth fund GIC and Mumbai-listed Genus Power Infrastructure Ltd, has tapped an offshore investor to tie up financing for projects that will cost around $800 million.

Gemstar, formed in 2023 with GIC holding a 74% stake and Genus Power owning the remaining, is set to secure up to $200 million (about Rs 1,812 crore) in rupee-denominated debt from International Finance Corporation (IFC), the private-sector investment arm of the World Bank Group. IFC also intends to mobilise other lenders for an additional Rs 2,011 crore ($222 million), according to a disclosure.

The company will use the financing for nine special purpose vehicles that will install, operate and maintain 13.6 million smart meters across Rajasthan's three state-owned distribution companies - Jaipur Vidyut Vitran Nigam Ltd, Ajmer Vidyut Vitran Nigam Ltd and Jodhpur Vidyut Vitran Nigam Ltd. The total project cost for the Rajasthan contracts is estimated at around $800 million.

Each of the nine concessions will be financed separately with no cross-collateralisation between project SPVs.

GIC and Genus signed definitive agreements in July 2023 to set up Gemstar for undertaking Advanced Metering Infrastructure Service Provider (AMISP) concessions. Under the arrangement, Genus is the exclusive service provider to Gemstar for meter supply, installation and operations and maintenance. GIC, one of the most active sovereign wealth funds operating in India, committed to an initial investment pipeline of $2 billion.

The Rajasthan projects are being executed under the Indian government's Revamped Distribution Sector Scheme (RDSS), which aims to reduce aggregate technical and commercial (AT&C) losses in electricity distribution and modernise the grid through large-scale smart metering.

As of February 2026, Genus Power had deployed 10 million smart meters under RDSS across nine states, with the company expanding its manufacturing base through new facilities including a plant at Kotputli, in addition to existing units in Jaipur, Haridwar and Guwahati.

Published by HT Digital Content Services with permission from VC Circle.