Gemstar Inv (IFC-50633)

Regions
  • South Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • India
Geographic location where the impacts of the investment may be experienced.
Specific Location
Jaipur, Ajmer, Jodhpur; State of Rajasthan
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Feb 27, 2026
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Gemstar Infra Pte Limited (GIPL)
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 200.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 200.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 800.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Other Related Projects
Primary Source

Original disclosure @ IFC website

Updated in EWS Oct 12, 2026

Disclosed by Bank Jun 16, 2026

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the IFC, the proposed transaction involves IFC debt investment of up to INR 18,119 million (approximately equivalent to US$ 200 million, exchange rate: USD 1 = INR 90.5947 as of Feb 12, 2026), to nine Special Purpose Vehicles (collectively, the “Project SPVs”) of Gemstar Infra Pte Limited (“GIPL”) and will be utilized for installation, operation and maintenance of 13.6 million smart meters across three distribution companies in the state of Rajasthan, namely: Jaipur Vidyut Vitran Nigam Limited (JVVNL), Ajmer Vidyut Vitran Nigam Limited (AVVNL) and Jodhpur Vidyut Vitran Nigam Limited (JdVVNL). Each concession will be implemented separately by each Project SPV and financed individually, with no cross collateralization. The proposed transaction is expected to improve electricity service quality, reduce Aggregate Technical & Commercial losses, advance digitalization of the power sector, and strengthen private sector participation in India’s distribution network.  

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

As stated on the project disclosure page, the total cost for the Projects is c.US$800 million. IFC envisages a proposed debt investment of up to INR 18,119 million (approximately equivalent to US$ 200 million). IFC will also mobilize parallel lenders for up to INR 20,112 million (approximately equivalent to US$222 million). 

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the IFC, in 2023, GIPL was set up by Gem View Investment Pte Ltd, a wholly owned subsidiary of GIC Infra Holdings Pte Ltd (“GIH”), and Genus Power Infrastructure Limited (“Genus”), to own and operate smart meter concessions in India, under the Revamped Distribution Sector Scheme, a reforms-based and results-linked scheme by Government of India to improve the distribution system in India. GIH is a wholly owned subsidiary of GIC Ventures Pte Ltd, a private company incorporated in 1981 that invests globally across 48 countries and has a diverse range of asset classes with value in excess of US$100 billion. GIPL will be the sponsor of the Project SPVs.  

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Gemstar Infra Pte Ltd Client Energy

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Client - Gemstar Infra India Private Limited:

Charmy Bhatt - AVP, Legal & Cosec
Phone: +91 022 3540 3071
Email: compliance@gemstarinfra.com
Address: Gemstar Infra India Pvt. Ltd. Meraki Arena, 901, Opposite Godrej R.K. Studios, V. N. Purav Marg, Chembur East, Mumbai - 400071
Website: https://gemstarinfra.com/

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works