India’s Adani Energy Solutions Limited (AESL) has announced the signing of a binding agreement to acquire IntelliSmart Infrastructure Private Limited for Rs 3,050 crore. This acquisition will bolster AESL’s presence in the smart metering sector, increasing its smart meter portfolio to over 4.7 crore meters, making it India’s largest smart metering platform.
The deal involves acquiring the entire equity share capital of IntelliSmart and redeeming optionally convertible debentures held by NIIF. Completion of the transaction is subject to regulatory approvals and customary closing conditions. IntelliSmart, a joint venture between NIIF and EESL, currently manages a portfolio of more than 2.2 crore smart meters across multiple states.
Adani Energy Solutions CEO, Kandarp Patel, stated that the acquisition of IntelliSmart will enhance their scale and execution capabilities, supporting India’s power distribution modernization through technology-driven solutions. The move aligns with AESL’s strategy of pursuing growth opportunities through both organic and inorganic means, aiming to achieve value-accretive growth.
IntelliSmart’s Managing Director and CEO, Anil Rawal, highlighted that this transaction will accelerate the digitalization of India’s power distribution sector. Vinod Giri, Managing Partner at NIIF, emphasized that IntelliSmart’s growth signifies the fund’s ability to develop and scale infrastructure businesses in emerging sectors. EESL CEO Akhilesh Dixit expressed commitment to advancing energy efficiency and digital transformation in India’s power sector through this acquisition.
