Adani Energy Solutions Ltd will acquire IntelliSmart Infrastructure Pvt Ltd, a smart metering joint venture of India’s quasi-sovereign wealth fund NIIF and state-owned EESL, per an announcement.
The transaction, pegged at around Rs 3,050 crore ($319 million), involves the purchase of IntelliSmart’s entire equity stake and the redemption of optionally convertible debentures owned by NIIF.
The closing of the transaction is subject to regulatory and other customary approvals.
Adani Energy claims to be India’s largest private transmission company, with a presence across 16 states of India and a cumulative transmission network of 27,949 ckm and 1,23,175 MVA transformation capacity.
The deal will help expand its smart metering portfolio to over 4.7 crore meters and strengthen its leadership in the segment.
“Acquisition of IntelliSmart enhances our scale and execution capabilities, enables us to support India’s power distribution modernisation through technology-led solutions,” Kandarp Patel, CEO, Adani Energy Solutions, said in a media statement.
The acquisition is expected to generate operational efficiencies and cost synergies through integration with Adani Energy’s existing business.
Set up in 2019, IntelliSmart is one of India’s leading owners and operators of smart meter assets, with a total portfolio of over 2.2 crore meters across states such as Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar and Assam.
“This achievement is expected to catalyse 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,” said Anil Rawal, MD & CEO, IntelliSmart.
Among other exits in the energy sector, NIIF, along with other investors, sold its stake in Ayana Renewable Power to ONGC NTPC Green Pvt Ltd in a deal valued at Rs 19,500 crore.
