Adani Energy Solutions to acquire smart  meter player IntelliSmart for Rs 3,050 cr

NEW DELHI, June 9:  Adani Energy Solutions Ltd (AESL) has inked a securities purchase agreement to acquire a 100 per cent equity stake in IntelliSmart Infrastructure for Rs 3,050 crore.

IntelliSmart Infrastructure is a leading smart metering JV between National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Ltd (EESL), a statement said.

According to the statement, AESL has executed a binding securities purchase and subscription agreement (SPSA) to acquire a 100 per cent equity stake in IntelliSmart Infrastructure.

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 the acquisition of 100 per cent of the equity share capital of IntelliSmart and redemption of the optionally convertible debentures of IntelliSmart held by NIIF.

The completion of the transaction is subject to regulatory and other customary approvals.

IntelliSmart is among 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.

IntelliSmart’s 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,” said Kandarp Patel, CEO, AESL in the statement.

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.

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, in the statement.

EESL has been committed to enabling energy efficiency and digital transformation across India’s power sector,” said Akhilesh Dixit, CEO, EESL, in the statement. (PTI)