Adani Energy Solutions Limited, India's largest private transmission company, has executed a binding securities purchase and subscription agreement to acquire a 100% equity stake in IntelliSmart Infrastructure Private Limited, a smart metering joint venture between National Investment and Infrastructure Fund and Energy Efficiency Services Limited. The transaction, valued at Rs 3,050 crore, includes acquisition of the entire equity share capital and redemption of optionally convertible debentures held by NIIF.
The acquisition positions Adani Energy Solutions as India's largest smart metering platform with a combined portfolio exceeding 4.7 crore smart meters. The closing of the transaction is subject to regulatory and other customary approvals.
IntelliSmart is among India's leading smart meter asset owners and operators, with a portfolio of over 2.2 crore meters across Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar and Assam. IntelliSmart was established as a joint venture of NIIF and EESL to drive mass-scale rollout of smart meters under India's smart metering programme. Adani Energy Solutions has an existing smart metering order book of over 24.6 million meters and serves more than 13 million consumers in its distribution business.
Kandarp Patel, CEO of Adani Energy Solutions, said the acquisition enhances the company's scale and execution capabilities and enables it to support India's power distribution modernisation through technology-led solutions.
The acquisition is expected to deliver synergies through economies of scale, optimisation of operations and maintenance costs, and integration with Adani Energy Solutions' broader energy and infrastructure platform. The deal aligns with the company's strategy of pursuing value-accretive growth through organic and inorganic opportunities.
Disclaimer: This article is based on company filings submitted to the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) and is for informational purposes only. It does not constitute investment advice or a recommendation. Investors should conduct their own research and consult a qualified financial advisor before making investment decisions.