Vikas Lifecare acquires 75% stake in Genesis Gas Solutions

14 Jan 2022 , 09:24 AM

Vikas Lifecare Limited has announced that, moving further ahead with the objective of broad-basing the product portfolio, and diversifying into futuristic and unique product lines, new edge businesses, complimenting and supplementing the existing business lines of the Company, Vikas Lifecare has entered into definite agreement with the existing promoters/shareholders for acquiring 75% equity of Genesis Gas Solutions Private Limited (the ‘Genesis’).

The new company is engaged in the business developing “Smart Products” including Smart Gas Meters & Power Distribution solutions for the ever-expanding infrastructure in India, in a cash deal amounting Rs25cr, payable in stages.

Post achieving the long-desired debt-free status this year, Vikas Lifecare has actively exploring and working towards expanding its businesses footprints in emerging infrastructure products segment along with other business strategies, said company in a regulatory filing.

Company is already in advance stage of commissioning manufacturing plant of pipe lines for gas distribution, commercial production expected within the current financial year.

Genesis was Co-Founded in 2017 by a team of technopreneur’s and finance professionals having an enviable history with successful start-ups developing and offering many niche products to the defence equipment industry and the electrical utility segment.

Genesis is the supplier of Gas meters to IGL with having supplied more than 4 lakh meters of Hangzhou Beta Meter Co. Ltd, along with after sales services under exclusive supply arrangement.

At around 9:23 AM, Vikas Lifecare was trading at Rs6.56 apiece higher by 4.96% on the BSE.