The Competition Commission of India (CCI) has approved Adani Energy Solutions Ltd’s proposed acquisition of 100 per cent equity share capital in IntelliSmart Infrastructure Private Ltd for Rs 3,050 crore.
The deal involves Adani Energy Solutions acquiring IntelliSmart from the National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Ltd (EESL), the regulator said in a statement on Saturday.
“The Commission approves the acquisition of 100 per cent of the share capital of IntelliSmart Infrastructure Pvt Ltd by Adani Energy Solutions Ltd,” the CCI said.
IntelliSmart provides advanced metering infrastructure for electricity across India. The company also deploys smart gas meters.
Adani Energy Solutions announced the proposed acquisition in June. It had signed a binding securities purchase and subscription agreement to acquire the entire equity stake in IntelliSmart.
The Rs 3,050-crore transaction covers the acquisition of IntelliSmart’s entire equity share capital. It also includes the redemption of optionally convertible debentures held by NIIF.
NIIF serves as India’s sovereign-anchored alternative asset manager. EESL operates as a joint venture of leading public sector undertakings under the Ministry of Power.
Adani Energy Solutions belongs to the Adani Group. The publicly listed company operates in India and trades on the BSE and the National Stock Exchange of India.
The company primarily handles electricity transmission and distribution. It also deploys advanced metering infrastructure for electricity across the country.
Shares of Adani Energy Solutions closed at Rs 1,345.55 apiece on the BSE. The stock recorded a 52-week high of Rs 1,789 and a low of Rs 804.70, according to exchange data.
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