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Recycling participant Vikas Lifecare Ltd’s subsidiary Genesis Fuel Options has bagged an order value Rs 495 million from Gujarat Fuel Restricted, India’s largest metropolis fuel distribution (CGD) firm.
In accordance with an alternate submitting, Genesis Fuel Options has been awarded orders to produce 40,000 fuel meters from Gujarat Fuel.
Gujarat Fuel Restricted has 27 CGD licenses unfold throughout 43 districts in 6 states and one Union territory within the states of Gujarat, Maharashtra, Rajasthan, Haryana, Punjab and Madhya Pradesh and the Union Territory of Dadra & Nagar Haveli. Gujarat Fuel Restricted got here into being on March 30 2015, upon an amalgamation of GSPC Fuel Firm Restricted, Gujarat Fuel Firm Restricted, Gujarat Fuel Monetary Companies Restricted and Gujarat Fuel Buying and selling Firm Restricted into Gujarat Fuel Restricted previously GSPC Distribution Networks Restricted.
Vikas Lifecare, which recycles plastic waste to fabricate pallets and interlocking tiles for industrial purposes, owns 95 per cent fairness in Genesis. Vikas Lifecare can be a Del-Credere agent of ONGC (Oil and Pure Fuel Company Ltd.) Petro Additions Restricted (OPaL) – a public sector enterprise producing all kinds of base polymers and commodity plastic uncooked supplies.
The agency lately diversified its enterprise pursuits past uncooked supplies and forayed into the B2C phase with a bunch of shopper merchandise together with FMCG, agro and infrastructure merchandise.
Earlier, it entered right into a three way partnership settlement with Indraprastha Fuel Restricted (IGL) to arrange India’s first built-in sensible meter manufacturing unit. The manufacturing plant is being arrange collectively by the 2 firms at a capital expenditure of Rs 110 crore. Notably, the federal government has launched a sensible metering initiative to put in 250 million sensible meters throughout the nation by 2025.
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