GMR Power & Urban Infra has extended corporate guarantee in favour of IREDA for loan of Rs. Rs. 440 crore each to the project SPVs (GMR Agra Smart Meters, GMR Kashi Smart Meters and GMR Triveni Smart Meters), till Commercial operation date (COD).
GMR Smart Electricity Distributions (GMRSED), a subsidiary of GMR Power & Urban Infra, is implementing the smart meter project through these SPVs. The project entails installation, integration and maintenance of 75.69 lakh smart meters for the following Zones of U.P.:
1. Purvanchal Vidyut Vitran Nigam Limited (PuVNL) for two zones (Varanasi, Azamgarh zone & Prayagraj, Mirzapur zone) and
ii. Dakshinanchal Vidyut Vitran Nigam Limited (Agra and Aligarh zone).
IREDA has sanctioned in aggregate total project loan of Rs. 2128 crore (to be disbursed in tranches) to three project SPVs formed for the purpose of implementation of the smart metering business.