The joint venture will be implemented through Delhi-based AccuRead India Ltd. The equity structure of the company will be: BG would acquire 49 per cent stake in AccuRead India, while the balance 51 per cent will be held by Netherlands-based Group 4 Securitas. BG is one of the leading independent power producers, both in UK as well as internationally, with expertise in every stage of the gas chain - from exploration and production, through transportation and distribution to power generation and market development. According to the proposal submitted to the government, the promoters' wish to make AccuRead a world class business support company to power, gas and water utilities. The proposed activitiesinclude: Provision of high technology meters/ meter reading instruments and related professional services; generation and delivery of bills and payment collection; cash handling and banking services and rendering advisory/consultancy services. AccuRead also proposes to provide services in the nature of bill processing and analysis, account processing and related software services. AccuRead proposes to introduce the latest meter reading technology in the form of high tech meters, and range of services will include providing services of trained personnel in accurate meter reading, installation, maintenance and repairing of recording/metering instruments. AccuRead has also submitted a board resolution supporting the proposal in connection with the issue of shares to the overseas companies. Both BG and Group 4 Securitas have committed to bring an equity of Rs 10 million to start with.

The investment by Group 4 Securitas (East Asia) BV would be on a non-repatriable basis and no repatriation of dividend in theinitial years is proposed. No import of capital goods/equipment is proposed. The proposal does not include any royalty payment by AccuRead to the foreign investors. The company has also clarified that BG does not have any previous financial/technical collaboration in India in the same or allied field for which AccuRead's activities in India will provide value addition to the utility industry. In this respect, the company will be uniquely positioned as a business support company with necessary people and technical skills to provide reliable, cost effective and technological support to client companies. The company feels that with radical changes in the policies relating to generation and distribution of natural gas in metropolitan cities and prospective privatisation of water distribution, the proposed activities have great potential.