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GSEDP has secured a loan of Rs 21.28 billion from IREDA for the Smart Meter Project in Uttar Pradesh (UP).

Banking & Finance | Dated: 11 Jan 2025

On January 9, 2025, GMR Smart Electricity Distribution (GSEDPL), a company based in Uttar Pradesh (UP) and a subsidiary of Grandhi Mallikarjuna Rao (GMR) Power and Urban Infra (GPUIL), received approval for a Rs 21.28 billion (USD 247.66 million) loan from the Indian Renewable Energy Development Agency Limited (IREDA).

🎯 Key Highlights:

  • - This loan will be used to install 7.57 million smart meters across UP as part of a larger project worth Rs 34.67 billion (USD 403.75 million).
  • - GSEDPL will operate and maintain these smart meters under a 10-year contract with the local electricity distribution companies (DISCOMs).
  • - The project will cover five areas: Varanasi, Azamgarh, Prayagraj, Mirzapur, Agra, and Aligarh, and will be managed by two state-owned DISCOMs: Purvanchal Vidyut Vitran Nigam (PuVNL) and Dakshinanchal Vidyut Vitran Nigam (DVVNL).

💡 Other Important Facts:

  • (i) The project will be carried out through three Special Purpose Vehicles (SPVs): GMR Agra Smart Meters Limited, GMR Kashi Smart Meters Limited, and GMR Triveni Smart Meters Limited.
  • (ii) Bosch Global Software Technologies Private Limited (BGSW) is the technical partner for the project.
  • (iii) GPUIL has provided a corporate guarantee of Rs 440 crore (USD 51.21 million) to each SPV until the Commercial Operation Date (COD).

📚 Test Your Knowledge:

What is the loan amount secured by GSEDP for the Smart Meter Project in Uttar Pradesh Recently ?

Correct Answer: 21.28 billion

🚀 Quick Recap:

About Uttar Pradesh

  • Chief minister: Yogi Adityanath
  • Governor: Anandiben Patel