Eyeing India’s self-sufficiency goals, smart meter manufacturer HPL Electric has inked a deal with China-based G-Ramway Technology to boost local manufacturing off switches.
Last week, Delhi NCR-based power components manufacturer HPL Electric & Power Limited announced an alliance with Guangxi Ramway Technology Co. Limited, a China-based tech enterprise. The MoU was signed to develop a manufacturing facility for relay switches in India.
This Memorandum of Understanding aims to bolster local production of relay and latching relays in India through a phased strategy. The agreement also includes technical collaboration and the procurement of components for a robust domestic manufacturing capability.
The company claims that with the collaboration, it will be India’s sole AMISP (Approved Metering Service Provider) with its in-house facility for manufacturing these switches.
Relay switches are essential for smart meters. HPL has, however not officially disclosed the exact location of the manufacturing unit or any financial investment in the deal.
The company further stated that this initiative is in line with the ‘Atmanirbhar Bharat’ or ‘Make in India’ goals of the country.
HPL Electric & Power Limited, an Indian manufacturer with over 40 years in the industry, specialises in metering solutions, switchgear, LED lighting, wires and cables, solar solutions, and modular switches.
The company’s consolidated net profit surged 21.87% to ₹13.71 crore, driven by a 16.91% rise in revenue to ₹424.09 crore in Q4 FY24 compared to Q4 FY23.
After signing the deal, HPL Electric’s stock prices significantly increased, with a 12% rise and the highest single-day trading volume in over two months.
