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  • Smart grids business case

    1. 1. SMART GRID- BUSINESS CASE Sumit K Jha (MBA (Fin), LSSGB, PMP®)
    2. 2. Flow of the Presentation  Market Definition & Overview  Market Size  Market Trends  Market Ecosystem  Competitive Landscape  Commercial Analysis
    3. 3. Market Definition & Overview
    4. 4. Definition  A smart grid is a digitally enabled electrical grid that gathers, distributes, and acts on information about the behaviour of all participants (suppliers and consumers) in order to improve the efficiency, importance, reliability, economics, and sustainability of electricity services  A Smart Grid is the electricity delivery system (from point of generation to point of consumption) integrated with communications information technology
    5. 5. Comparison of smart grid with traditional grid Traditional Grid Smart Grid
    6. 6. Smart grid advantage Summary of some of the differences in various areas of the power delivery infrastructure Current Grid Smart Grid Communications None or one way; typically not real time Two-way, real-time Customer Interaction Limited Extensive Metering Electromechanical Digital Operation & Maintenance Manual equipment checks, timebased maintenance Remote monitoring, predictive, condition-based maintenance Generation Centralized Centralized and distributed Power Flow Control Limited Comprehensive Reliability Prone to failures and cascading outages Pro-active, real-time protection and islanding Restoration Manual Self-healing Topology Radial Network
    7. 7. The Ministry of Power has allocated INR 600 Cores for smart grid pilot projects in India  Smart Grid task Force set up in Sep 2010. Sam Pitroda is the head of the “India Smart Grid Task Force  The inter-ministerial group focused on smart grid technologies for the power sector plans to spend up to Rs 600 crore ($150M) for pilot projects in different parts of the country (Jun 2011)  Eight new pilot projects, including those on automated metering infrastructure, are being planned  A preliminary framework on smart grid is expected to be ready by Dec 2012  Five Working groups have been constituted to take up the different task related to SMART GRID activities i.e.  WG1 -Trials/Pilot on new technologies.  WG2 - Loss reduction and theft, data gathering and analysis.  WG3 - Power to rural areas and reliability & quality of power to urban areas.  WG4 - Dist Generation & renewable.  WG5 - Physical cyber security, Standards and Spectrum  WG 6- Policy and Regulations (incl. Tariffs, Finance etc.)  WG7 - Architecture and Design  WG8 - Pilots and Business Models (incl. planning and implementation, incl. Capacity Building)
    8. 8. Market Size
    9. 9. Global smart grid adoption indicators Driver/metric Value/Unit Source Global Smart Grid Projects underway (204 in the US) 267 Smart Grid Information clearinghouse, 2012 Number of countries who have initiated smart grid projects 31 countries Smart Grid Information clearinghouse, 2012 World Government smart grid investments/incentives, 2009-2020 USD 123 billion Announced Government Plans/Targets World Government Plans for smart meter deployments 2009-2020 685 million Announced Government Plans/Targets Smart grid venture capital (2007-11, over 159 deals) USD 2.2 billion Mercom Capital, 2012 Smart Grid M&A value (2010 and 2011, over 70 deals) USD 6 billion Mercom Capital, 2012
    10. 10. Market Opportunity in India – By Components India Electrical Infrastructure (2015) India Smart Grid Market Value by Technology Area 2011 and 2015 (in U.S. millions) (figure 1, source: Zpryme ) $500 $5.9 In Billion $446 $392 $400 $339 $300 $289 $287 $247 $236 $200 $234 $145 $137 $100 $0 Software & Hardware   Smart Meters Sensors 2011 2015 Comm. & Wireless Infrastructure Smart T&D Equipment With India recently launching a Smart Grid Task Force and Smart Grid Forum coupled with $900B in investment planned for generation, transmission, distribution and power quality, this nation is set for massive growth. Conversely, several major hurdles remain before the world’s second most populous nation achieves widespread adoption of next generation electrical technology. India Smart Grid Market (2015) $1.9 In Billion
    11. 11. India’s Smart Grid market is expected to grow with CAGR of 16.3% (2010 to 2015) India Smart Grid Market Value Forecasts by Technology Type (In $ M) Smart Grid Segment 2011 2012E 2013E 2014E 2015E CAGR Software & Hardware 197.9 246.9 269.0 292.6 317.7 339.4 11.4% Smart Meters 178.3 286.6 333.3 372.3 412.1 445.5 20.1% Sensors 150.5 136.5 166.5 191.5 216.4 235.9 9.4% Comm. & wireless infra 94.8 144.5 183.6 220.3 257.7 288.6 24.9% Smart T&D Equipment 189.3 234.5 274.3 315.5 356.5 392.1 15.7% Others  2010 102.8 56.9 83.7 125.3 175.4 243.8 18.9% Communication and wireless infrastructure will be growing the fastest among the various components within smart grid followed by smart meters
    12. 12. Players in various domains Company Name Vertical Sales (Rs. cr) NTPC Reliance Infra Power Grid Corp Tata Power Torrent Power NHPC CESC Neyveli Lignite Generation Integrated* Transmission Integrated Integrated Generation Integrated Generation 54938.68 9217.59 8388.7 6901.45 6582.85 4225.25 3978.7 3945.94 JSW Energy Generation, Transmission 3861.93 Adani Power SJVN Guj Ind Power Jaiprakash Pow Suryachakra Pow KSK Energy Vent Generation, Transmission Generation Generation Generation, Transmission Power Generation Power Generation 2106.43 1744.1 1077.95 736.89 143.36 105.97 GVK Power Generation 42.77
    13. 13. Market Trends
    14. 14. Government plans to ramp up its investment into power sector Reforms and Huge Investments  R-APDRP: Reform in the power sector has strong Govt focus with the continuation of the R-APDRP during the X1th Plan with a focus on various areas including IT in the area of energy accounting and SCADA  Huge focus on power generation sector by the government with a target capacity increase of 1,00,000 MW in the XIIth plan (2012-2017)  POWERGRID, responsible for inter-state transmission of electricity, has targeted investments of approx. Rs.100,000 crore in the XII Plan (~$20 B), which is nearly twice of the targeted capital expenditure in XI Plan Changing Industry Structure  Increasing number of private sector companies investing in power plants (Captive and Mega Power Plants) and also supplying power to the electricity boards  Private Power Generation has doubled in the last five years from 11.6% in 2006 to 23% in 2011   Private players would add nearly 50 per cent of the total capacity addition in the XIIth Plan Franchising mode for privatization of power distribution in Delhi and plans for a policy framework within which more private sector investments will be forthcoming in the XIIth Plan Focus on Efficiency: Efficiency in generation, transmission and distribution are extremely important to the industry. This gives scope for varied IT opportunities – The approach to the XIIth Plan includes taking non‐price initiatives to push the economy towards greater energy efficiency – and improving the existing system of publicly owned distribution system by bringing in modern systems of management, use of IT and enforcement of accountability
    15. 15. Recent activities suggests that Smart-Grid is ready to take-off in India  Several Indian state governments reportedly laid plans for smart grid projects, ranging from smart meter rollouts in the Indian territories of Puducherry and Bangalore, to a nationwide deployment of phasor measurement devices across the nation’s five independent grid systems -- a first step in synchronizing them to share power -- at an estimated cost of 239 rupees crore ($48 million)  Siemens announced an 18.5 million euro ($24.3 million) contract to provide SCADA and distribution management systems for eight cities, including Mumbai, in the Indian state of Maharashtra. The German smart grid giant will install more than 4,000 remote terminal units (RTUs) at substations and along the medium-voltage grid, and link customer care and mapping systems to do things like detect faults, direct outage repairs -- and spot power theft   Smart grid will take-off if the government’s 5-billion-rupee (nearly $100 million) proposal for eight smart grid pilot projects comes through. The plan announced last month calls for about 500 million to 600 million rupees ($10 million to $11.5 million) apiece, and about 14 state utilities are expected to bid projects India has its share of tech giants to take part in the government’s big smart grid push, including the likes of Infosys and Wipro. But it’s also a target of foreign competitors like Siemens, ABB, General Electric and Schneider Electric, which bought Indian cabling company SmartLink Network Systems last year. On the IT side, Cisco is doing a big “e-city” green-field development with Wipro called Lavasa City outside Mumbai, and IBM launched a big smart grid planning analytics system for the government’s Bureau of Energy Efficiency last year. Source:
    16. 16. Market Ecosystem
    17. 17. Global Smart Grid Solution Ecosystem
    18. 18. Smart Grid- Players, we can collaborate with Focus Area Smart Grid Solution Area ISV ISV Solution Status Smart Metering and Beyond Kalkitech SYNC • Multiple solution workshops conducted to identify GTM solution areas • Meter vendor independent solution with compliance to interoperability standards • SAFE enablement in progress Smart Metering and Beyond Itron Saturne, IEE MDM • Alliance in place • Collaborating on opptys (NDPL, IGL) Smart Metering and Beyond eMeter energyIP MDM • Alliance in place • Opptys to be identified Distribution Grid Monitoring Schneider Electric SCADA/DMS • Solutions addresses automation requirements of distribution and DFs • Multiple solution engagements for RAPDRP SCADA/DMS opptys • Solution workshops can be conducted to identify smart grid GTM solution areas • We should create a solution template in place for joint GTM for a typical smart grid oppty
    19. 19. Competitive Landscape
    20. 20. Competitive Landscape  Consulting & System Integration  System Integration Source: …1/6 CapGemini is one of the top 10 largest consulting services company in the world. With revenue of $11.6 billion the company is present in almost all geography and employs more than 90,000 people worldwide. The company provides consulting services that contribute to the business transformation and economic performance of organizations, based on in-depth knowledge of client industries and processes. It has strong presences in energy and utility segment. The company is actively collaborating with utilities in US and Europe for their Smart Grid projects to gain valuable knowledge and experience. It has recently launched Smart Energy Services, a new global service line that will provide full spectrum of smart metering, smart grid, smart home solutions, and smart analytics to utilities across the globe. HCL InfoSystems Ltd is one of the Top 5 IT company in India providing hardware, software, and system integration services. It offers wide range of ICT products for the computing, storage, networking, security, telecom, imaging, and retail. HCL has partnered with Echelon (A Smart Grid product development company) for providing smart metering and network infrastructure services. It has also roped in Oncor as a client for its SmartGrid infrastructure services. Collaboration with these companies will provide HCL a competitive edge against the competitors when the Smart Grid development in India accelerates.
    21. 21. Competitive Landscape  Vertically Integrated Player  Software Source: …2/6 General Electric popularly known as GE is one of the world's leading MNCs operating in diverse business verticals like Home Appliances, Engines, GeoSpatial, Power Sector, Clean Energy, Nuclear Plants, Softwares, Finance, and many more. GE is one of the major player in Smart Grid domain. Through its eco-imagination GE is focusing its research efforts towards clean energy including Smart Grid. It has got US government grant for building Smart Grid training and research infrastructure. GE will leverage its years of vast domain experience to develop various innovative products for the Smart Grid. It has started working with various utilities in US to roll out Smart Meters and related products. In India, GE has collaborated with NDPL for improving energy and transmission efficiency Telvent (NASDAQ: TLVT) is a global IT solutions and business information services provider dedicated to helping improve efficiency and reliability for the world’s leading companies. Telvent serves markets that are critical to the sustainability of the planet, including the energy, transportation, agricultural and environmental sectors. Telvent recently announced that it is going to partner with Larsen and Toubro(L&T) for Smart Grid Projects in Maharashtra State
    22. 22. Competitive Landscape  IP based products  System Integration Source: …3/6 CISCO is the largest supplier of communications products in the world. With annual revenue of $36.11(2009) billion, it is one of the largest technological company that was born out of the Computer/Internet revolution. Cisco considers Smart Grid as the next big thing and visualizes smart grid emergence similar to the emergence of Internet. With its strong networking products portfolio and its deep expertise in IP based products, the company's smart grid vision is to be provider of intelligent, transparent communication between the power producers, the transmission substation, the distribution substation, the residential complex, and the commercial buildings. Through its Smart Grid ecosystem it plans to develop smart grid technologies and standards by collaborating with the smart grid stakeholders. It recently launched Smart Grid products Connected Grid Router (CGR 2010) and Connected Grid Switch (CGS 2520). It has strong presence in emerging country like India, China, and Brazil. Infosys, the third largest Indian IT services company is globally engaged with utility companies to meet their IT needs. It has partnered with Itron to provide Itron customers Advance Metering Infrastructure (AMI) and Meter Data Management Services. The company is also part of the Cisco Smart Grid ecosystems and will gain valuable knowledge and experience about Cisco Smart Grid products and related technology. Infosys , along with C-STEP co-developed report "Technology : Enabling Transformation of Power Distribution" for Ministry of Power, India and is associated with India's Smart Grid Development Program.
    23. 23. Competitive Landscape  Software, Consulting, System Integration  Consulting, System Integration Source: …4/6 IBM nicknamed as the Big Blue is one of the largest technology company in the world. With almost 400,000 employees worldwide, it has revenue of $100 billion and operating presence in 200 countries. IBM through its "Smarter Planet" initiative is developing various innovative products and services to transform the important entities like transportation systems, water systems, cities, rail, traffic, food, buildings, computing, banking, education, and energy systems. Smart Grid is one of the major component of its Smart Planet initiative. IBM is one of the top 10 Smart Grid companies leading the charge for advancement of this technology. It has setup Global Intelligent Utility Network Coalition (GIUNC) organization to collaborate with utilities of the world. IBM is implementing smart grid project for Oncor, CenterPoint Energy, American Electric Power and Consumers, EDF of France and for Malta Accenture : As One of the world's top 10 IT consulting firm, Accenture is at the forefront of the Smart Grid transformation. In a consultative capacity it is collaborating with organization like World Economic Forum (WEF), Governments, and utility companies to develop road map for Smart Grid evolution. With more than 30 years experience of enabling utilities become higher performing businesses and with 7,500 utility industry professionals serving 300 clients in 43 countries, the company offers products and consulting and technology services in AMI, Intelligent Network Data Management, Home Area Network, Distributed Energy Integration, Demand Response, and network application and architecture for technologies like plug-in Electric Vehicle.
    24. 24. Competitive Landscape  Vertically Integrated Player  Vertically Integrated Player Source: …5/6 Larsen & Toubro is a USD 9.8 billion technology, engineering and construction group, with global operations. It is one of the largest and most respected companies in India's private sector. A strong, customer –focused approach and the constant quest for topclass quality have enabled L&T to attain and sustain leadership in its major lines of business over seven decades. The company operates in various infrastructure domains and is major player in power infrastructure. It has recently collaborated with Telvent for Smart Grid projects in India ABB is one of the leading power and automation technology company in the world. The global conglomerate operates in more than 100 countries focusing on power transmission, distribution, and power plant automation that serves electric, gas, and water utilities as well as commercial customers. Its core business lines includes power products, power systems, discrete automation and motion, low voltage products, and process automation. As a leading power sector company, ABB has strong Smart Grid focus and has been actively collaborating with utilities from US, UK, Europe, China, and India. The capacity, reliability, efficiency, and sustainability are the four key aspects of its smart grid vision.
    25. 25. Competitive Landscape  Vertically Integrated Player  Vertically Integrated Player Source: …6/6 SIEMENS is one of the few companies in the world that provides integrated energy solutions to the entire energy value chain starting from generation and transmission to distribution. With 88,000 employees and € 25.5 billion revenue, Siemens Energy is planning to get engaged in almost all aspect of smart grid businesses. It plans to provides products and services in Smart Distribution, Smart Consumption, Smart Metering, Efficient Network, and e-mobility segment. By 2014, the company plans to have order worth €6 billion from its present €1 billion from Smart Grid segment. Siemens has partnered with emerging startups e-meter, BPL Global, and Viridity for its Smart Grid offerings and is engaged in various Smart Grid pilots across the world. Kalkitech is a technology based company, which provides products, solutions, and services in the integrated domains of control, communication, and computing of energy industry. The company enables seamless integration of their customer's field, automation, and enterprise systems on standard based protocols & interfaces to optimized their operational systems. Kalkitech's optimization solutions are build around its own products and third party products, which when combined with its communication solutions compliment with each other in building a smart grid. The company's main products are SYNC and ELTRIX; Sync consists of suite of products that enables filed-to-enterprise communication for energy sector whereas ELTRIX is energy optimization solution and is one of the core offering of its optimization verticals. ELTRIX provides overall sustenance of energy eco systems through optimal decision within regulatory, environmental, and reliability constraints.
    26. 26. Entry Points
    27. 27. Entry point (1/3)- Smart meters Reason 1. Most of the smart grid projects in India are focused on smart metering at this point of time Entry Options 1. Collaboration with Smart Meter manufacturers Reseller of meters- Only GE and Itron are prominently mentioned in India leaving aside 4 large global vendors looking for a formal operational set-up in India 2. System integration- Enter into smart meter installation after forming a collaboration with one of the big names in the industry 3. Manufacturing- It is established that India needs 100 million meters*, which are still not being manufactured by any of the global giants Scope 1. Develop expertise in the industry vertical by getting into software for data extraction 2. Go into joint bids with partner/s leveraging their years of experience in smart grid Prospective partners *The government reckons that India needs 100 million meters and towards this end, the Smart Meter Task Force will be entrusted the task of introducing Rs 1,000 – 1,500 Low Cost Meters. “According to Shri Sam Pitroda We need a 2-chip Meter that can be connected through GSM technology. Basically a dumb meter that is smart enough. These Low Cost Meters will feed critical data into the Smart Grids that are considered to be the panacea for our primitive Power Sector.”
    28. 28. Entry point (2/3)- Sensors Reason 1. All the smart industry frameworks created by the large companies like IBM, Siemens, GE etc. have one common ingredient- Instrumentation. This instrumentation refers to ‘sensors’ that collect data. Entry Options 1. Collaboration / manufacturing for Sensors Reseller of Sensors- Of the six large global vendors in India; ABB, GE, Siemens and Schneider Electric are prominently mentioned in India leaving 2 large vendors looking for a substantive entry route 2. Manufacturing Sensors- Sensors have wide ranging use and developing a manufacturing base can help in the long run to enter into various industries like water management, gas distribution or other utilities. Setting up a manufacturing unit in joint venture with one of the global giants will help immensely Scope 1. Develop expertise in the industry vertical by getting into software for data extraction 2. Go into joint bids with partner/s leveraging their years of experience in smart grid Prospective partners
    29. 29. Entry point (3/3)- Cloud for Smart Grid Reason 1. Smart Grid is expected to be one of the key contributors to the ‘Big Data’ . Most of the applications developed for smart grid can be ported to the cloud Entry Options 1. Cloud Smart Grid Software as a Service (SaaS)- There are multitude of applications being developed for smart grid. Collaborating with the leading players will allow us to build an ecosystem 2. Storage as a service- With the explosion of data, storage as a service can see a big off-take in India Scope 1. Cross sell our datacenter capabilities Prospective partners
    30. 30. Commercial Analysis
    31. 31. Cost components of a smart Grid …1/2 Technology area Hardware Systems & software Wide area monitoring & control Phasor management units (PMU) and other sensor equipment Supervisory control and data acquisition (SCADA), wide-area monitoring systems (WAMS), wide-area adaptive protection, control and automation (WAAPCA), wide-area situational awareness (WASA) Information and communication technology integration Communication equipment (powerline carrier, WIMAX, LTE, RF mesh network, cellular), routers, relays, switches, gateway, computers (servers) Enterprise resource planning software (ERP), customer information system (CIS) Renewable and distributed integration Power conditioning equipment for bulk power and grid support, communication and control hardware for generation Energy management system (EMS), distribution management system (DMS), SCADA, geographic information system (GIS) Transmission enhancement Superconductors, FACTS, HVDC Network stability analysis, automatic recovery systems Distribution grid management Automated re-closures, switches and capacitors, remote controlled distributed generation and storage, transformer sensors, wire and cable sensors Geographic information system (GIS), distribution management system (DMS), outage management system (OMS), workforce management system (WMS)
    32. 32. Cost components of a smart Grid …1/2 Technology area Hardware Systems & software Advanced metering infrastructure Smart meter, in-home displays, servers, relays Meter data management systems (MDMS) Electric vehicle charging infrastructure Charging infrastructure, batteries, inverters Energy billing, smart grid-to-vehicle charging (G2V) and discharging vehicle-to-grid (V2G) methodologies Customer-side systems Smart appliances, routers, inhome display, building automation systems, thermal accumulators, smart thermostat Energy dashboards, energy management systems, energy applications for smart phones and tablets
    33. 33. Case Study 1- First smart grid at Puducherry with a focus on smart meters   A Memorandum of Understanding to introduce the innovative project here was inked in the presence of Chief Minister N Rangasamy here today between the Department of Electricity and Power Grid Corporation of India Limited (PGCIL).  This project would primarily involve the installation of advance metering infrastructure in sync with the Central Data Control Centre. This would enable the customers to ascertain the exact billing amount at any point of time and accordingly manage their power usage. The electricity board would be able to monitor the customers’ energy usage pattern and detect malpractice or power theft, online  Organizations involved A smart grid project recommended by the Power Ministry's India Smart Grid Task force will come up on a pilot basis in the union territory, reportedly the first in the country Number of houses to be covered- 87,000  Total cost of the project- INR 77 crores  Cost borne by- INR 25 crore would be borne by the Centre and the rest by the state  Outcomes- The efficiency in tariff collection (90 per cent at present) could also be improved to 98 per cent. Through this scheme, the EB is expected to generate an inflow to the tune of around INR 12.24 crore per annum, without any investment.  Months for completion- 4 months Project Scope Numbers involved
    34. 34. Case Study 2- Siemens wins smart grid contract in Maharashtra  The utility company of the Indian state of Maharashtra, the State Electricity Distribution Company Ltd., Mumbai, placed an order with Siemens  Siemens will provide SCADA and distribution management systems for eight cities, including Mumbai, Maharashtra.  The German smart grid giant will install more than 4,000 remote terminal units (RTUs) at substations and along the medium-voltage grid, and link customer care and mapping systems.  Number of cities to be covered- 8  Contract size- 18.5 million euro ($24.3 million)  Remote terminal units (RTUs) - The order includes the installation of remote terminal units (RTU) in 66, 33, and 22 kV substations in addition to the installation of more than 4,000 compact RTU in the 11 kV distribution substations.  Cost borne by- N.A.  Outcomes- Improve the availability and transparency of the distribution networks and cut the related power losses by as much as 15 percent  Months for completion- 15 months (Started in march 2012 and will end by June 2013) Organizations involved Project Scope Numbers involved
    35. 35. Overall cost structure  It is difficult to provide a more specific sense of costs because most of the utilities in the US and Europe are still in the initial stages of implementing smart metering, so the actual costs of deployment are not available. However, from the estimated cost proposals submitted by various US utilities (such as PG&E and Allegheny Power), the total capital invested tends to vary from $250 to $600 per meter installed. It is notable that the range provided by utilities is wide and hence estimating a reasonable cost based on this range is not prudent
    36. 36. Revenue aspirations Entry Points Mode of entry Smart Meters Reselling 99 5% of the total smart meter market System integration 10 5% of the estimated system integration market Manufacturing* 99 5% of the total smart meter market Sensors Revenue aspiration in INR crores (2013-14) Reasons 5% of the total sensors market 57.4 5% of the market share Software as a Service (SaaS) 2.7 5% of the estimated SaaS Storage as a Service  57.4 Manufacturing* Cloud Reselling 3.6 5% of the estimated Storage as a Service *Manufacturing opens up other industries as well such as water management and gas distribution with an added advantage of intellectual property rights
    37. 37. Tentative P&L for reselling Particulars Expected revenue in 2012-13 (5% of entire market) Cost at which a smart meter can be sold (Bescom average) Total number of smart meters sold at this price Cost at which a smart meter can be procured (US$ 30) (Glen Canyon) Cost of transportation (5% of the cost of each meter) Cost of quality testing, white labelling, firmware (3% of the cost of each meter) Cost of SG&A (10% of sales, assumption- Mostly sold through bids) Per meter SG&A cost Inventory carrying cost per unit Total cost per unit EBITDA (Per unit) Interest EBIT Tax (assumed to be 30%) PAT Net profit margin We need to explore a bit more about the product functionalities and comparisons. Numbers in Rs. (except %) 99,00,00,000 4,500 2,20,000 1,650 83 50 9,90,00,000 450 43 2,275 2,225 4,50,51,188 44,43,80,063 13,33,14,019 31,10,66,044 31%
    38. 38. Smart meters- Manufacturing commercials for ICSA- India Total Capital Cost Peak Capacity (Per month) Peak Capacity Sales Expected Net Margin  Numbers (In Rs. Except %) ICSA has set-up SMART meters manufacturing facility in Andhra Pradesh with a total capacity of 150,000 meters/month at a cost of Rs.260mn. SMART meter is a combination of energy meter and a communication device, which would form a part of smart grids network in the country  The company is expecting margins of ~10–12% for energy meters and ~20%+ for SMART meters.  Particulars ICSA is bullish on the demand potential of the SMART meters facility with peak revenue potential of Rs.1000–1500mn in the next 3-4 years 26,00,00,000 1,50,000 1,50,00,00,000 20% I would suggest that we get into a JV with low cost smart meter manufacturer and enter this market through manufacturing
    39. 39. Thank You