Adani Energy Solutions Limited has executed a binding securities purchase and subscription agreement to acquire a 100% stake in IntelliSmart Infrastructure Private Limited for ₹3,050 crore, according to reports from Business Standard and The Times of India. The transaction involves the acquisition of the entire equity share capital of IntelliSmart as well as the redemption of optionally convertible debentures held by National Investment and Infrastructure Fund. The deal remains subject to regulatory and customary approvals, with AESL executing the binding securities purchase and subscription agreement to complete the acquisition. Cyril Amarchand Mangaldas acted as legal adviser to AESL for the transaction, while Talwar Thakore & Associates acted as legal advisers to the sellers, and Deloitte Touche Tohmatsu India acted as exclusive transaction adviser to the sellers.
The acquisition will add more than 2.2 crore smart meters to Adani Energy's existing portfolio, taking its total installed and contracted smart meter base to over 4.7 crore units. As reported by Business Standard, IntelliSmart, a joint venture between NIIF and Energy Efficiency Services Limited, operates smart meter assets across Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar and Assam, and is considered one of the top three players in India's smart metering sector. The company's portfolio of more than 22 million smart meters established in 2019 provides a strong foundation for future expansion across high-growth consumer markets. AESL currently has an order book of more than 2.46 crore meters and has a mandate to deploy 2.5 crore smart meters across five states.
Kandarp Patel, Chief Executive Officer of Adani Energy Solutions, stated that the acquisition enhances their scale and execution capabilities, enabling them to support India's power distribution modernization through technology-led solutions. According to Business Standard, the company expects the deal to generate synergies through economies of scale, optimisation of operations and maintenance costs, and integration with its broader energy and infrastructure platform. The acquisition aligns with Adani Energy's strategy of pursuing value-accretive growth through both organic and inorganic opportunities, with the transaction ranking among the largest deals in India's fast-growing smart-metering sector.
The transaction comes as power distribution companies across India accelerate efforts to modernise billing and distribution infrastructure under government-backed smart meter programmes. Smart meters are viewed as a key tool for reducing power losses, improving billing efficiency and enabling real-time monitoring of electricity consumption. The acquisition positions Adani Energy in the $30-billion smart-metering programme—the world's largest—which aims to replace 250 million conventional electricity meters with smart ones. Of the planned 224 million meters to be installed, 49 million have been installed, with several global private equity funds and sovereign wealth funds also investing in this space, including General Atlantic-owned Actis LLP's $200 million investment in EDF India and Singapore's GIC's ₹519 crore investment in Genus Power Infrastructures.
The acquisition also provides an exit for NIIF, which helped build IntelliSmart into one of the country's largest smart metering operators. Vinod Giri, Managing Partner at NIIF, said the transaction marks an important milestone in NIIF's infrastructure strategy and reinforces their commitment to building industry-leading platforms in India. Anil Rawal, Managing Director and CEO of IntelliSmart, said the development is expected to catalyze further investments and accelerate the digitalization of the power-distribution sector. GMR Smart Electricity Distribution, GIC-backed Genus Power Infrastructures and Swiss investment firm Partners Group were among the other shortlisted bidders for the IntelliSmart acquisition, with around 10 entities participating in the initial stage of the process.
