- ₹3,050-crore acquisition positions Adani Energy Solutions at the forefront of India’s digital power distribution revolution with a combined portfolio exceeding 4.7 crore smart meters
- Strategic takeover of IntelliSmart strengthens AESL’s footprint across five high-growth states and accelerates technology-driven transformation of the electricity distribution ecosystem
- Deal blends scale, operational synergies and infrastructure expertise to deepen India’s transition towards intelligent, data-driven and consumer-centric energy networks
- Transaction, subject to regulatory approvals, marks a significant milestone in the country’s smart grid journey while unlocking value for investors and driving the next phase of power sector digitalisation
NE BUSINESS BUREAU
AHMEDABAD, JUNE 9
In a transformative move that could redefine India’s smart power infrastructure landscape, Adani Energy Solutions Limited (AESL) has signed a binding Securities Purchase and Subscription Agreement (SPSA) to acquire a 100 per cent equity stake in IntelliSmart Infrastructure Private Limited, propelling the company towards becoming India’s largest smart metering platform.
Valued at ₹3,050 crore, the transaction includes the complete acquisition of IntelliSmart’s equity share capital along with the redemption of optionally convertible debentures held by the National Investment and Infrastructure Fund (NIIF). The deal remains subject to regulatory and customary approvals.
With the acquisition, AESL’s smart metering portfolio will expand to more than 4.7 crore smart meters, significantly reinforcing its leadership in India’s rapidly evolving digital power distribution ecosystem.
IntelliSmart, a joint venture between NIIF and Energy Efficiency Services Limited (EESL), ranks among India’s top three smart metering companies, managing a portfolio of over 2.2 crore smart meters across Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar and Assam—some of the country’s fastest-growing electricity markets.
The acquisition aligns with AESL’s long-term strategy of pursuing value-accretive growth through both organic expansion and strategic acquisitions while creating operational efficiencies through scale and platform integration.
“Acquisition of IntelliSmart enhances our scale and execution capabilities, enables us to support India’s power distribution modernization through technology-led solutions,” said Kandarp Patel, CEO, Adani Energy Solutions.
The company expects the integration to generate significant synergies through economies of scale, optimisation of operations and maintenance costs, and seamless alignment with AESL’s broader energy and infrastructure ecosystem.
Highlighting the significance of the transaction, Anil Rawal, MD & CEO, IntelliSmart, said: “IntelliSmart is proud to be part of this milestone transaction, which has created value for its stakeholders. This achievement is expected to catalyze further investments and accelerate the digitalization of the power distribution sector, which is already emerging as a key driver of transformation across the country’s entire power value chain.”
For NIIF, the transaction represents the successful scaling of a nationally significant infrastructure platform.
Vinod Giri, Managing Partner, NIIF, said: “IntelliSmart’s evolution into one of the country’s leading smart metering platforms reflects NIIF’s ability to build and scale infrastructure businesses in emerging sectors of national importance. For NIIF, this transaction marks an important milestone in our infrastructure strategy and reinforces our commitment to building industry-leading platforms in India. As IntelliSmart enters its next phase of growth, this exit enables us to unlock value while continuing to catalyse institutional capital into India’s digital and energy transition.”
Echoing similar sentiments, Akhilesh Dixit, CEO, EESL, said: “EESL has been committed to enabling energy efficiency and digital transformation across India’s power sector. We are proud of IntelliSmart’s contribution to the smart metering ecosystem and believe this transaction will further strengthen its ability to serve DISCOMs and consumers at scale.”
The transaction was advised by Cyril Amarchand Mangaldas as legal advisor to AESL, while Talwar Thakore & Associates acted as legal advisors to the sellers and Deloitte Touche Tohmatsu India served as the exclusive transaction advisor to the sellers.
The acquisition is expected to strengthen India’s transition towards intelligent electricity networks, enhance distribution efficiency and accelerate the country’s larger vision of a digitally empowered and sustainable energy future.
