Adani Energy Solutions To Acquire IntelliSmart In Rs 3,050 Crore Deal

Adani Energy Solutions Limited (AESL) has signed a binding Securities Purchase and Subscription Agreement (SPSA) to acquire a 100 per cent stake in IntelliSmart Infrastructure Private Limited in a deal valued at ₹3,050 crore.

The proposed acquisition will significantly expand AESL’s smart metering business, increasing its total portfolio to more than 4.7 crore smart meters and creating India’s largest smart metering platform.

The transaction includes the acquisition of IntelliSmart’s entire equity share capital as well as the redemption of optionally convertible debentures held by the National Investment and Infrastructure Fund (NIIF).

The deal remains subject to regulatory approvals and customary closing conditions.

IntelliSmart is a leading smart metering joint venture between NIIF and Energy Efficiency Services Limited (EESL).

IntelliSmart operates more than 2.2 crore smart meters across Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar and Assam, giving AESL a stronger presence in high-growth markets.

AESL CEO Kandarp Patel said the acquisition will strengthen the company’s scale and execution capabilities and support the modernisation of India’s power distribution sector through technology-driven solutions.

The company added that the deal supports its growth strategy and will improve operational efficiency through greater scale and platform integration.

IntelliSmart CEO Anil Rawal said the deal would accelerate the digitalisation of India’s power distribution sector, while NIIF’s Vinod Giri said it reflects the fund’s success in building scalable infrastructure businesses.

EESL CEO Akhilesh Dixit added that the transaction will strengthen IntelliSmart’s ability to serve utilities and consumers more effectively.

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