Ahmedabad, June 9: Adani Energy Solutions Limited (AESL) has executed a binding securities purchase and subscription agreement (SPSA) to acquire a 100% equity stake in IntelliSmart Infrastructure Private Limited, a leading smart metering JV between National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Limited (EESL).
AESL is India’s private transmission company and one of India’s leading energy solutions providers and the proposed acquisition will strengthen its position as the country’s largest smart metering platform with over 4.7+ crore smart meters.
The proposed INR 3,050 crore transaction includes acquisition of the 100% of the equity share capital of IntelliSmart and redemption of the optionally convertible debentures of IntelliSmart held by NIIF.
Completion of the transaction 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.
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 modernization 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, andintegration 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 catalyze further investments and accelerate the digitalization 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.”
About AESL:
AESL, part of the Adani portfolio, is a multidimensional organization with presence in various facets of the energy domain, namely power transmission, distribution, smart metering, and cooling solutions.
About IntelliSmart Infrastructure Private Limited
IntelliSmart Infrastructure Private Limited is India’s leading smart metering and digital solutions provider.
A joint venture of the National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Limited (EESL), IntelliSmart has been established with the core purpose of becoming the most preferred digital partner of the utilities.
As a digital solutions provider, IntelliSmart aims to create a difference in the power sector with digital interventions while shouldering the responsibility of the mass-scale rollout of smart meters under RDSS.
