In a big push to make India 'Atmanirbhar' in Smart Meter technology, HPL Electric & Power Ltd. has established a new state of the art R&D center. The new R&D center for smart meters aims to incorporate the recent advancements in smart technologies and materials for the development of new generations of smart metering products.
HPL Electric & Power is one of India's leading electrical equipment manufacturer, with sizable presence in meters and smart meters segment. The R&D center is located at the HPL's manufacturing facility at Gurugram, Haryana. With this investment in developing next generation of smart meter technology, HPL aims to widen its smart meter portfolio, and further strengthen its market penetration domestically as well as internationally.
Mr. Gautam Seth, Joint Managing Director, HPL Electric & Power Ltd., said, "We are very much focused on enhancing our smart meter technological base and become the market leader in the segment. With an aim to make technology a key pillar for future growth, we are investing in R&D to develop next generation smart technology to meet the future requirements with best-in-class metering solutions."
Over 200 engineers will be working at the R&D center, conducting advanced research in developing solutions for smart meters technology, other metering solutions and communication technology. With a solution-based approach, HPL is aiming to bring in advanced IoT and AI-enabled smart solutions and products for the Indian and international markets.
Adding further Mr. Seth said, "The Company is bullish about the opportunities in the smart metering segment. We are expecting large-scale requirement for smart metering solutions in the coming years and we are fully capable and ready to meet the requirements of the industry with our best-in-class metering solutions. Our manufacturing facilities are adequately equipped to undertake larger production to meet the targets of the Government to install 25 million smart meters in the country within the next three years."
In the Union Budget of 2020, The Government of India had urged all the states and UTs to replace the conventional electricity meters into prepaid smart meters and plans to install 25 million smart meters in the country within next three years. The Government has allocated Rs 22000 Cr in the Union Budget for the development of infrastructure, enhancing electric grid across the country, implementation of smart meters, enlargement of green mode of electric generation, etc.
Smart meters will help the utilities to enhance their management of billings and collections by contact less ecosystem, thereby helping them reduce losses and enhancing consumer experience. With the enhancement in collection of consumer data, the power distribution utilities will also be able to better forecast the demand and supply requirement and manage their power purchases better.
HPL is one of India's a leading metering and electrical company leading electric equipment manufacturer, having a formidable presence in the smart electric metering segment. HPL's products incorporate the latest technologies and certified to conform to Indian and International standards such as ISI, CE and KEMA.
Shares of HPL Electric & Power Ltd was last trading in BSE at Rs.29.8 as compared to the previous close of Rs. 29.4. The total number of shares traded during the day was 1803 in over 30 trades.
The stock hit an intraday high of Rs. 30.1 and intraday low of 29.55. The net turnover during the day was Rs. 53950.