Adani Energy Solutions Ltd (AESL) on Tuesday announced the acquisition of IntelliSmart Infrastructure Pvt Ltd, one of India's leading smart metering platforms, in a transaction valued at Rs 3,050 crore.
With the acquisition, AESL is set to strengthen its position as India's largest smart metering platform, taking its total smart meter portfolio to more than 4.7 crore meters.The company has executed a binding agreement to acquire a 100% equity stake in IntelliSmart, a smart metering joint venture between the National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Ltd (EESL).
The deal remains subject to regulatory and customary approvals.IntelliSmart is among the top three players in India's smart metering segment and owns and operates a portfolio of over 2.2 crore smart meters across Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar and Assam.
The company has built a presence across several high-growth consumer markets, providing a platform for future expansion.Commenting on the acquisition, Kandarp Patel, Chief Executive Officer of Adani Energy Solutions, said the transaction would enhance the company's scale and execution capabilities while supporting the modernisation of India's power distribution sector through technology-led solutions.Anil Rawal, Managing Director and Chief Executive Officer of IntelliSmart, described the deal as a milestone transaction that has created value for stakeholders.
