REC Limited, Board of Directors in its meeting which held on September 15, 2020, has accorded its approval for infusion of INR 150 crore as equity in a company, proposed to be promoted as Joint Venture along with three other Central Public Sector Enterprises (CPSEs) i.e. Power Finance Corporation Limited (PFC), Power Grid Corporation of India Limited (PGCIL) and NTPC Limited, for the purpose of establishment/ Creation of Common Backend Infrastructure Facility (CBIF) for Smart Meters in the country.
In our view, the step by the REC and associated CPSU’s will help the country in meeting the Government target of converting general consumer electric meter with smart meter. The key issue by the industry expert about smart meter implementation is the common platform and software as the smart meter are new technology in India and every company which is providing smart meter solutions are providing their own software and backend infrastructure in order to gasp the market. The current step will remove this red ribbon and will attract more Indian companies in the sector and will solve the issue of supplier limitation and in sufficient manufacturing capacity.
News Source : Inergystat