Adani Energy Solutions to acquire IntelliSmart, one of India’s largest smart meter players

Adani Energy Solutions to acquire IntelliSmart Infrastructure Private Limited, a leading smart metering firm, positioning AESL among the top players in India's expanding smart metering sector and driving scale, efficiency, and digitalisation across the power distribution landscape.

Adani Energy Solutions Limited (AESL) has signed a binding agreement to acquire a 100% stake in IntelliSmart Infrastructure Private Limited, one of India's largest smart metering companies, in a deal valued at Rs 3,050 crore.

The acquisition is expected to significantly strengthen AESL's position in the country's rapidly expanding smart metering sector, taking its total smart meter portfolio to more than 4.7 crore meters. The transaction remains subject to regulatory approvals and customary closing conditions.

IntelliSmart, a joint venture between the National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Limited (EESL), is among the top three smart metering players in India. The company currently manages a portfolio of over 2.2 crore smart meters across Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar, and Assam.

Under the terms of the transaction, AESL will acquire the entire equity share capital of IntelliSmart and redeem the optionally convertible debentures held by NIIF. Commenting on the development, Kandarp Patel, Chief Executive Officer of Adani Energy Solutions, said the acquisition would enhance the company's scale and execution capabilities while supporting India's power distribution modernisation through technology-driven solutions.

The company stated that the deal aligns with its strategy of pursuing value-accretive growth through both organic expansion and strategic acquisitions. AESL expects the acquisition to generate operational synergies through economies of scale, lower maintenance costs, and integration with its broader energy and infrastructure platform.

Anil Rawal, Managing Director and CEO of IntelliSmart, described the transaction as a milestone that has created value for stakeholders and is expected to accelerate investments in the digitalisation of India's power distribution sector.

NIIF Managing Partner Vinod Giri said IntelliSmart's growth into one of India's leading smart metering platforms reflects NIIF's ability to build and scale infrastructure businesses in emerging sectors of national importance. He added that the transaction marks a significant milestone in NIIF's infrastructure investment strategy while unlocking value for investors.

EESL CEO Akhilesh Dixit said the organisation remains committed to advancing energy efficiency and digital transformation across India's power sector. He expressed confidence that the transaction would further strengthen IntelliSmart's ability to serve power distribution companies and consumers at scale.

With the acquisition, AESL is set to become one of the largest smart metering platforms in India at a time when the government is pushing for nationwide deployment of smart meters under power sector reform initiatives. Legal advisory support for the transaction was provided by Cyril Amarchand Mangaldas for AESL, while Talwar Thakore & Associates advised the sellers. Deloitte Touche Tohmatsu India acted as the exclusive transaction advisor to the sellers.