The International Finance Corp. (IFC), the World Bank Group's private investment arm, plans to provide about $500 million (around *4,100 crore) in long-term financing to smart meter manufacturers in India.
Smart meters are devices connected through a web-based system to track energy consumption. This helps energy utilities reduce commercial losses of power and improve their finances.
Smart meter manufacturers in India include Genus Power Infrastructure, state-run Energy Efficiency Services Ltd (EESL), Gram Power (a wholly-owned unit of Singapore's Polaris Smart Metering Pte Ltd), IntelliSmart Infrastructure Pvt. Ltd (backed by quasi-sovereign fund manager National Investment and Infrastructure Fund (NIIF)), HPL Electric and Power Ltd, Avon Meters, Zen Meter, Schneider Electric and Allied Engineering Works.
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