Adani Energy Solutions to acquire IntelliSmart in Rs 3,050 crore smart meter deal

AHMEDABAD: Adani Energy Solutions is making a power play in India’s rapidly expanding smart metering market. The company has signed a binding agreement to acquire 100 per cent of IntelliSmart Infrastructure in a transaction valued at Rs 3,050 crore, a move that will cement its position as the country’s largest smart metering platform.

The acquisition will significantly expand the smart meter footprint of Adani Energy Solutions (AESL), taking its total portfolio beyond 4.7 crore smart meters. IntelliSmart currently manages a portfolio of more than 2.2 crore smart meters across five states: Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar and Assam.

IntelliSmart was established as a joint venture between National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Limited (EESL), and has emerged as one of the top three players in India’s smart metering sector.

The proposed Rs 3,050 crore transaction includes the acquisition of the entire equity share capital of IntelliSmart, along with the redemption of optionally convertible debentures held by NIIF. Completion of the deal remains subject to regulatory approvals and customary closing conditions.

The acquisition comes as India accelerates efforts to modernise its electricity distribution infrastructure through large-scale deployment of smart meters, a key component of the country’s power sector reforms.

Commenting on the acquisition, Adani Energy Solutions chief executive officer Kandarp Patel said the transaction would strengthen the company’s scale and execution capabilities while enabling it to support the modernisation of India’s power distribution ecosystem through technology-driven solutions.

For AESL, the acquisition aligns with its strategy of combining organic growth with strategic acquisitions. The company expects to benefit from economies of scale, operational efficiencies, lower maintenance costs and integration opportunities across its broader energy and infrastructure businesses.

Reflecting on the deal, IntelliSmart Infrastructure managing director and chief executive officer Anil Rawal said the transaction marks a significant milestone for the company and its stakeholders. He added that the development is expected to encourage further investment and accelerate digitalisation across India’s power distribution sector.

From the investor side, National Investment and Infrastructure Fund managing partner Vinod Giri described the transaction as an important milestone that reflects NIIF’s ability to build and scale infrastructure platforms in emerging sectors of national importance. He noted that the exit unlocks value while supporting continued investment in India’s energy transition.

Meanwhile, Energy Efficiency Services Limited chief executive officer Akhilesh Dixit said IntelliSmart has played a meaningful role in expanding the smart metering ecosystem and expressed confidence that the new ownership structure would help the company serve electricity distribution companies and consumers at greater scale.

The transaction also involved a number of advisory firms. Cyril Amarchand Mangaldas acted as legal advisor to AESL, while Talwar Thakore & Associates advised the sellers. Deloitte Touche Tohmatsu India served as the exclusive transaction advisor to the sellers.

With smart metering emerging as a cornerstone of India’s power sector transformation, the acquisition positions Adani Energy Solutions at the centre of one of the country’s largest digital infrastructure opportunities. Once completed, the deal will create a smart metering giant with a portfolio exceeding 4.7 crore meters, giving AESL unmatched scale in a market poised for significant long-term growth.