Adani
Adani strikes Rs. 3,050 crore deal with IntelliSmart Infrastructure Private Limited. Why does it matter for future of smart meters in India?
Adani Energy Solutions Limited (AESL), one of India's leading private power transmission companies, has signed a binding securities purchase and subscription agreement to acquire a 100% equity stake in IntelliSmart Infrastructure Private Limited, a smart metering joint venture between the National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Limited (EESL).
The proposed acquisition will further strengthen AESL's position as India's largest smart metering platform, taking its total smart meter portfolio to more than 4.7 crore meters.
Valued at approximately ₹3,050 crore, the transaction includes the acquisition of 100% of IntelliSmart's equity share capital as well as the redemption of optionally convertible debentures held by NIIF. Completion of the deal remains subject to regulatory approvals and customary closing conditions.
IntelliSmart is among India's leading owners and operators of smart metering assets, with a portfolio exceeding 2.2 crore meters across Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar, and Assam. Its strong presence in high-growth consumer markets provides significant opportunities for future expansion.
"Acquisition of IntelliSmart enhances our scale and execution capabilities and enables us to support India's power distribution modernization through technology-led solutions," said Kandarp Patel, CEO, Adani Energy Solutions.
The acquisition aligns with AESL's strategy of pursuing value-accretive growth through both organic and inorganic opportunities. The company expects the deal to generate synergies through economies of scale, operational efficiencies, optimization of maintenance costs, and integration with AESL's broader energy and infrastructure platform.
"IntelliSmart is proud to be part of this milestone transaction, which has created significant value for its stakeholders," said Anil Rawal, Managing Director and CEO of IntelliSmart. "This achievement is expected to catalyse further investments and accelerate the digitalization of the power distribution sector, which is increasingly becoming a key driver of transformation across India's power value chain."
Commenting on the transaction, Vinod Giri, Managing Partner at NIIF, said, "IntelliSmart's evolution into one of the country's leading smart metering platforms reflects NIIF's ability to build and scale infrastructure businesses in emerging sectors of national importance. This transaction marks an important milestone in our infrastructure strategy and reinforces our commitment to building industry-leading platforms in India. As IntelliSmart enters its next phase of growth, this exit enables us to unlock value while continuing to catalyse institutional capital into India's digital and energy transition."
Akhilesh Dixit, CEO of EESL, said, "EESL has remained committed to enabling energy efficiency and digital transformation across India's power sector. We are proud of IntelliSmart's contribution to the smart metering ecosystem and believe this transaction will further strengthen its ability to serve DISCOMs and consumers at scale."
For the transaction, Cyril Amarchand Mangaldas acted as legal advisor to AESL, while Talwar Thakore & Associates served as legal advisor to the sellers. Deloitte Touche Tohmatsu India acted as the exclusive transaction advisor to the sellers.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
