Blitz Bureau
NEW DELHI: Adani Energy Solutions Limited (AESL), India’s largest private transmission company and one of the country’s leading energy solutions providers, has executed a binding securities purchase and subscription agreement to acquire a 100 per cent equity stake in IntelliSmart Infrastructure Private Limited, a smart metering joint venture between National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Limited (EESL).
The proposed acquisition will strengthen AESL’s position as India’s largest smart metering platform with over 4.7+ crore smart meters.
The proposed Rs 3,050 crore transaction includes acquisition of 100 per cent of the equity share capital of IntelliSmart and redemption of its optionally convertible debentures held by NIIF. The transaction closing is subject to regulatory and other customary approvals.
IntelliSmart is one of India’s leading owners and operators of smart meter assets, with a total portfolio of 2.2+ crore meters across Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar and Assam. Its presence across high-growth consumer markets provides a strong runway for future expansion.
“Acquisition of IntelliSmart enhances our scale and execution capabilities, enables us to support India’s power distribution modernisation through technology-led solutions,” Kandarp Patel, CEO, Adani Energy Solutions, said.
The acquisition is in line with AESL’s strategy to pursue value-accretive growth through both organic and inorganic opportunities. The acquisition is expected to deliver synergies through economies of scale, optimisation of operations and 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 value for its stakeholders.” said Anil Rawal, MD & CEO, IntelliSmart. “This achievement is expected to catalyse further investments and accelerate the digitalisation of the power distribution sector, which is already emerging as a key driver of transformation across the country’s entire power value chain.”
“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.” said Vinod Giri, Managing Partner, NIIF.
“For NIIF, 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.”
“EESL has been committed to enabling energy efficiency and digital transformation across India’s power sector,” said Akhilesh Dixit, CEO, EESL. “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”.