Adani Energy Solutions Acquires IntelliSmart Stake in Deal Valued at INR 3,050 crore
Adani Energy Solutions Limited (AESL), a leading energy solutions provider, has executed a binding securities purchase and subscription agreement to acquire a 100% equity stake in IntelliSmart Infrastructure Private Limited. The acquisition is set to significantly bolster AESL's position as one of India's largest smart metering platforms.IntelliSmart Infrastructure Private Limited is a joint venture between National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Limited (EESL). Under the proposed transaction, which has a total consideration value of INR 3,050 crore, AESL will acquire 100% of IntelliSmart's equity share capital, alongside the redemption of optionally convertible debentures held by NIIF.
The strategic move is designed to consolidate AESL as India's leading smart metering platform, increasing its portfolio size significantly. Currently, AESL possesses over 4.7+ crore smart meters.
IntelliSmart operates as a key owner and operator of smart meter assets, managing a total portfolio of 2.2+ crore meters across five states: Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar, and Assam. This established presence across high-growth consumer markets provides a strong foundation for future expansion.
CEO Kandarp Patel of Adani Energy Solutions stated that the acquisition enhances AESL's scale and execution capabilities, enabling the company to support India’s power distribution modernization through technology-led solutions. The transaction aligns with AESL's strategy focused on pursuing value accretive growth through both organic and inorganic opportunities. Synergies are anticipated in operations, maintenance cost optimization, and integration within AESL's broader energy and infrastructure platform.
Anil Rawal, MD & CEO of IntelliSmart, noted that the acquisition marks a milestone for the company, stating, "This achievement is expected to catalyze further investments and accelerate the digitalization of the power distribution sector."
Vinod Giri, Managing Partner at NIIF, commented on the significance of the exit. He stated that this transaction reinforces NIIF’s commitment to building industry-leading platforms in India, enabling the firm to unlock value while continuing to catalyze institutional capital into India's digital and energy transition.
Akhilesh Dixit, CEO of EESL, expressed pride in IntelliSmart's contribution to the smart metering ecosystem, adding that the transaction will further strengthen its capacity to serve DISCOMs and consumers at scale.
The acquisition is supported by various advisory teams including Cyril Amarchand Mangaldas, who acted as legal advisor to AESL for this transaction. Talwar Thakore & Associates acted as legal advisors to the Sellers, while Deloitte Touche Tohmatsu India provided exclusive Transaction Advice to the Sellers.
ADANIENSOL Stock Price Movement
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