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Adani Energy Solutions Ltd (AESL) has signed a binding agreement to acquire a 100 per cent equity stake in IntelliSmart Infrastructure for INR 3,050 crore, subject to regulatory approvals. The transaction is expected to strengthen AESL’s position in India’s rapidly expanding smart metering sector by increasing its smart meter portfolio to more than 4.7 crore units. IntelliSmart, a joint venture between the National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Ltd (EESL), operates across several key states and is among the country’s leading smart meter asset owners and operators.
Adani Energy Solutions Ltd (AESL) has entered into a securities purchase and subscription agreement to acquire a 100 per cent equity stake in IntelliSmart Infrastructure in a transaction valued at INR 3,050 crore. The deal, announced recently, remains subject to regulatory clearances and customary approvals.
IntelliSmart Infrastructure is a smart metering company established as a joint venture between the National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Ltd (EESL). The company has emerged as one of India’s leading owners and operators of smart meter assets, with a portfolio of more than 2.2 crore meters deployed across Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar and Assam.
According to the company, the proposed transaction includes the acquisition of IntelliSmart’s entire equity share capital as well as the redemption of optionally convertible debentures held by NIIF.
Following the acquisition, AESL’s smart metering portfolio is expected to exceed 4.7 crore meters, further strengthening its position in India’s growing power distribution and digital infrastructure segment. The company has been expanding its presence in smart metering as utilities across the country increasingly adopt digital technologies to improve billing efficiency, reduce power losses and modernise electricity distribution networks.
IntelliSmart’s footprint across several large and high-growth consumer markets is expected to provide additional opportunities for expansion. The company has built a significant presence in states that are witnessing rising investments in power infrastructure and utility modernisation.
AESL Chief Executive Officer Kandarp Patel stated that the acquisition would enhance the company’s scale and execution capabilities while supporting the modernisation of India’s power distribution sector through technology-driven solutions.
The company expects the transaction to generate operational synergies through economies of scale, optimisation of operations and maintenance expenses, and integration with AESL’s broader energy and infrastructure platform.
IntelliSmart Managing Director and Chief Executive Officer Anil Rawal said the transaction marked an important milestone for the company and had created value for its stakeholders.
Commenting on the development, NIIF Managing Partner Vinod Giri stated that IntelliSmart’s growth into one of India’s leading smart metering platforms reflected NIIF’s ability to build and scale infrastructure businesses in emerging sectors of national importance.
EESL Chief Executive Officer Akhilesh Dixit said the organisation had remained focused on promoting energy efficiency and digital transformation across India’s power sector, a role that has contributed to the wider adoption of smart metering technologies in recent years.
The acquisition comes at a time when India is accelerating the rollout of smart meters under various power sector reform initiatives aimed at improving efficiency, reducing aggregate technical and commercial losses, and strengthening the financial health of distribution companies.
Source PTI
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