Adani Energy Solutions Ltd. (AESL) has signed a binding securities purchase and subscription agreement to acquire a 100% equity stake in IntelliSmart Infrastructure Pvt. Ltd., along with the redemption of optionally convertible debentures of Intellismart held by NIIF, for an enterprise value of ₹3,050 crore.
The acquisition is expected to strengthen AESL’s position in the smart metering segment and expand its smart meter portfolio to more than 4.7 crore meters across the country.
Smart metering platform
IntelliSmart is one of India’s leading smart meter asset owners and operators, with a portfolio of 2.2 crore smart meters across Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar and Assam.
The company is a joint venture between National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Ltd. (EESL).
Expansion strategy
“Acquisition of IntelliSmart enhances our scale and execution capabilities and enables us to support India’s power distribution modernisation through technology-led solutions,” Adani Energy Solutions Chief Executive Officer Kandarp Patel said.
AESL said the transaction is aligned with its strategy of pursuing value-accretive growth through both organic and inorganic opportunities. The company expects the acquisition to generate synergies through economies of scale, optimisation of operations and maintenance costs, and integration with its broader energy and infrastructure platform.
Sector transformation
“This achievement is expected to catalyse further investments and accelerate the digitalisation of the power distribution sector, which is already emerging as a key driver of transformation across the country’s power value chain,” IntelliSmart Infrastructure Managing Director and Chief Executive Officer Anil Rawal 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,” NIIF, Managing Partner, Vinod Giri, said.
“EESL has been committed to enabling energy efficiency and digital transformation across India’s power sector,” EESL Chief Executive Officer Akhilesh Dixit said.