Adani Energy Solutions Limited has signed a securities purchase and subscription agreement to acquire 100% of the equity share capital of Intellismart Infrastructure Private Limited from the National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Limited. The transaction was formalised on June 9, 2026, and includes the redemption of optionally convertible debentures of Intellismart held by NIIF.
Intellismart is an Indian company incorporated in November 2019 and registered with the Registrar of Companies, New Delhi. It specialises in implementing smart meter rollout programmes, working with stakeholders to procure, deploy, and provide operations and maintenance for smart metering infrastructure. The company reported a turnover of Rs 621.3 crore in FY25, compared to Rs 243.5 crore in FY24 and Rs 85.0 crore in FY23. Its authorised share capital is Rs 1,000 crore and paid-up capital is Rs 678 crore.
The all-cash transaction is valued at Rs 3,050 crore. Completion of the acquisition is expected within 180 days from the signing of the SPSA, or such other date as mutually agreed between the parties. The consummation is subject to customary conditions precedent, including anti-trust approval from the Competition Commission of India.
The acquisition supports Adani Energy Solutions' growth strategy through organic and inorganic opportunities. Post-acquisition, Adani Energy Solutions will expand its cumulative installed and contracted smart meter portfolio to over 4.7 crore meters in the advanced metering infrastructure service provider segment.
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.
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.