Rajasthan-based smart metering solutions and services provider Genus Power Infrastructure has signed a share purchase agreement to acquire the remaining 86.49% stake in Newlectric Innovation, a smart meter manufacturer.

Genus already holds 13.5% of Newlectric’s equity shares, and after the acquisition, Newlectric will become a wholly owned subsidiary of Genus Power.

The transaction is expected to be completed within 30 days.

The transaction involves the sale of Newlectric’s 3.4 million equity shares for a consideration of ₹252.3 million (~$2.77 million).

The acquisition of a smart meter manufacturing company comes amid the government mandating a minimum local content of 60% for meter manufacturing and a 100% local content requirement for the head-end system and the meter data management system.

In its Annual Report for FY25, Genus noted that under the Revamped Distribution Sector Scheme (RDSS), the government of India had approved the installation of 203.3 million smart meters across 28 States/Union Territories, with 24.1 million installed as of July 15, 2025. In FY25, Genus supplied 9.44 million meters to private players, state electricity boards, and distribution companies in India.

Between April and September 2025, the company manufactured over 9 million smart meters. As of September 30, 2025, the company had a total order book of about 36 million for supply to multiple entities.

Genus Power said that the acquisition aligns with its goals of consolidating operations, optimizing production capacity utilization, and enhancing operational efficiency. Additionally, with the acquisition, the company will be well-positioned to scale production capacity to meet its current order book and future growth.

As of March 31, 2025, Newlectric’s paid-up equity share capital stood at ₹39.74 million (~$436,700), and its turnover was ₹109.2 million (~$1.20 million) for the same year.

Established in 1992, Genus provides smart metering products, solutions, and services, as well as domain-specific software and software-as-a-service (SaaS) solutions to utilities. It operates manufacturing facilities in Jaipur, Haridwar (Uttarakhand), and Guwahati (Assam), with a combined capacity of 18 million meters per year.

As of November 15, 2025, the Ministry of Power reported that 47.6 million smart meters have been installed across the country so far under various programs, while 203.3 million meters have been approved under the Revamped Distribution Sector Scheme based on proposals submitted by the states.

In 2024, Genus Power Infrastructures’ subsidiary was awarded smart meter contracts worth ₹29.26 billion (~$348.6 million). The project’s scope covered deploying approximately 3.75 million smart prepaid meters and system meters, along with distribution transformer meters for energy accounting on a design, build, finance, own, operate, and transfer basis.