Adani Energy Solutions (AESL) has signed an agreement to acquire a 100% stake in IntelliSmart Infrastructure, a smart metering company jointly owned by National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services (EESL).
The proposed transaction, valued at Rs 3,050 crore, includes the acquisition of IntelliSmart’s entire equity share capital as well as the redemption of optionally convertible debentures held by NIIF. The deal is subject to regulatory approvals and customary closing conditions.
With the acquisition, AESL will expand its smart metering portfolio to more than 4.7 crore smart meters, strengthening its position in India’s smart metering sector. IntelliSmart currently manages over 2.2 crore smart meters across states, including Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar, and Assam.
The acquisition is expected to enhance AESL’s presence in key consumer markets and support its expansion in the smart metering business. The company also expects operational benefits through economies of scale, lower maintenance costs, and integration with its existing energy and infrastructure operations.
Kandarp Patel, CEO, Adani Energy Solutions, said, “Acquisition of IntelliSmart enhances our scale and execution capabilities, enables us to support India’s power distribution modernization through technology-led solutions.”
Anil Rawal, MD & CEO, IntelliSmart, said, “IntelliSmart is proud to be part of this milestone transaction, which has created value for its stakeholders. This achievement is expected to catalyze further investments and accelerate the digitalization of the power distribution Annexure “A” sector, which is already emerging as a key driver of transformation across the country’s entire power value chain.”
Vinod Giri, Managing Partner, NIIF, said, “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. For NIIF, this transaction marks an important milestone in our infrastructure strategy and reinforces our commitment to building industry-leading platforms in India.
He further added, “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.”
Akhilesh Dixit, CEO, EESL, said, “EESL has been committed to enabling energy efficiency and digital transformation across India’s power sector. We are proud of IntelliSmart’s contribution to the smart metering ecosystem and believe this transaction will further strengthen its ability to serve DISCOMs and consumers at scale”
