Adani Energy Solutions signs pact to buy IntelliSmart in Rs 3,050 crore deal
Ahmedabad, June 9
India's leading energy solutions provider, Adani Energy Solutions Limited, on Tuesday announced that it has signed a binding securities purchase and subscription agreement to acquire a 100 per cent stake in smart metering company IntelliSmart Infrastructure Private Limited in a transaction valued at Rs 3,050 crore.
The proposed acquisition will strengthen AESL's position in the smart metering segment and take its total smart meter portfolio to more than 4.7 crore meters -- India's largest smart metering platform, according to the company.
AESL said the transaction includes the acquisition of the entire equity share capital of IntelliSmart as well as the redemption of optionally convertible debentures held by NIIF.
The completion of the deal remains subject to regulatory approvals and other customary closing conditions.
IntelliSmart is a leading smart metering joint venture between the National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Limited (EESL). It owns and operates a portfolio of more than 2.2 crore smart meters across Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar and Assam.
The company said IntelliSmart's presence in several high-growth consumer markets is expected to provide a strong platform for future expansion.
"Acquisition of IntelliSmart enhances our scale and execution capabilities, enabling us to support India's power distribution modernisation through technology-led solutions," said Kandarp Patel, CEO of Adani Energy Solutions.
AESL said the acquisition aligns with its strategy of pursuing value-accretive growth through both organic and inorganic opportunities.
The company has expected that the transaction to generate operational synergies through economies of scale, optimisation of operations and maintenance costs, and integration with its broader energy and infrastructure platform.
IntelliSmart Managing Director and CEO Anil Rawal said the transaction marks a significant milestone for the company and is expected to accelerate the digitalisation of India's power distribution sector.
Vinod Giri, Managing Partner at NIIF, said IntelliSmart's growth into one of the country's leading smart metering platforms reflects the fund's ability to build and scale infrastructure businesses in emerging sectors.
He added that the transaction represents an important milestone in NIIF's infrastructure investment strategy and enables it to unlock value while continuing to support India's digital and energy transition.
EESL CEO Akhilesh Dixit said the company remains committed to advancing energy efficiency and digital transformation across India's power sector and believes the transaction will further strengthen IntelliSmart's ability to serve power distribution companies and consumers at scale.
— IANS
Reader Comments
Hope this acquisition benefits the common man. The company says it will bring operational synergies and lower costs, but we need to see actual reduction in electricity bills. Also, regulatory approvals are a big hurdle - let's see how quickly this goes through.
Good to see continued investment in India's infrastructure sector. Smart metering is a critical step towards modernizing the grid and reducing AT&C losses. The valuation seems reasonable given IntelliSmart's existing portfolio of 2.2 crore meters.
Acquisitions are all good, but hope Adani focuses on actual implementation rather than just building a portfolio. Many states still have issues with meter reading and billing accuracy. Let's see if this actually improves the consumer experience in UP and Bihar.
Smart meters are a game-changer for India! In the UK we've seen huge improvements in energy efficiency and customer control through smart metering. Hope India can learn from global best practices. NIIF exiting at this stage also shows they've built value.
As a consumer in Madhya Pradesh, I hope this acquisition brings better service. Our current metering system is outdated and we often get inflated bills. If smart meters can solve this, it's worth it. But need to ensure data privacy and consumer protection are maintained.
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