According to reports from CNBC TV18 and Business Standard, Adani Energy Solutions Limited (AESL) has officially announced the acquisition of 100% equity share capital of Intellismart Infrastructure Pvt. Ltd. The company entered into a securities purchase and subscription agreement (SPSA) on Tuesday, June 9, 2026, at 12:34 PM, for this strategic expansion. The total acquisition cost is set at ₹3,050 crore, to be settled entirely through cash consideration, with the transaction not classified as a related party transaction. As per the latest disclosure, the acquisition also includes redemption of optionally convertible debentures held by NIIF in Intellismart Infrastructure. The transaction was signed with National Investment and Infrastructure Fund (NIIF), Energy Efficiency Services Limited and IntelliSmart Infrastructure Private Limited. Cyril Amarchand Mangaldas acted as legal advisor to AESL for this transaction, while Talwar Thakore & Associates acted as legal advisors to the sellers, with Deloitte Touche Tohmatsu India serving as exclusive transaction advisors to the sellers. The transaction closing is subject to regulatory and other customary approvals.
As reported by CNBC TV18, Intellismart Infrastructure, incorporated in November 2019, has demonstrated remarkable financial growth. The company's revenue surged from ₹85 crore in financial year 2023 to ₹621 crore in financial year 2025, representing a significant expansion in its smart metering business operations. According to the latest disclosure, Intellismart reported turnover of ₹621.3 crore in FY25, compared with ₹243.5 crore in FY24 and ₹85 crore in FY23. The company operates in the smart meter rollout segment and works across procurement, deployment, operations and maintenance of smart metering infrastructure. Intellismart is one of India's leading owners and operators of smart meter assets, with a total portfolio presence across high-growth consumer markets that provides a strong runway for future expansion.
This strategic acquisition will create India's largest smart metering platform with over 4.7 crore meters under AESL's portfolio. Intellismart currently holds a portfolio of over 2.2 crore smart meters spread across Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar, and Assam, making it one of the top three players in India's smart metering segment. Adani Energy Solutions already maintains an order book of over 2.46 crore meters in its smart metering business. Following completion of the transaction, the combined entity's 4.7 crore-meter portfolio would consolidate AESL's position at the top of India's smart metering market. According to the acquisition announcement, this deal aligns with AESL's broader strategy of driving value-added growth through both organic and inorganic opportunities. Management expects synergies through operational integration, economies of scale and optimisation of operations and maintenance costs following the acquisition. As per Kandarp Patel, CEO of Adani Energy Solutions, "Acquisition of IntelliSmart enhances our scale and execution capabilities, enables us to support India's power distribution modernization through technology-led solutions."
This acquisition positions Adani Energy Solutions to capture nearly 20% of the total national target under the Indian government's Revamped Distribution Sector Scheme (RDSS), which aims to replace 25 crore conventional meters with smart meters to reduce AT&C losses. As per the latest reports, the ₹3,050 crore deal values Intellismart's current infrastructure and order book, securing AESL's position as a dominant player in India's smart metering segment. The consolidation helps AESL mitigate bidding risks in upcoming state-level smart meter tenders and provides immediate scale to its smart metering vertical. The acquisition represents a high-conviction move by the Adani Group to dominate the 'last-mile' data layer of the Indian power sector, building a long-term recurring revenue model based on data and grid management. Anil Rawal, MD & CEO of IntelliSmart, expressed that "IntelliSmart is proud to be part of this milestone transaction, which has created value for its stakeholders," while Vinod Giri, managing partner of NIIF, stated that "Intellismart's evolution into one of the country's leading smart metering platforms reflects NIIF's ability to build and scale infrastructure businesses in emerging sectors of national importance."
The acquisition announcement has significantly boosted investor confidence in Adani Energy Solutions, with the stock demonstrating strong momentum across multiple timeframes. Adani Energy Solutions share price has gained 16% in one month, and has rallied 60% in three months. The Adani Group stock has jumped 74% in one year, while it has surged 89% over the past three years. Over the past ten years, Adani Energy share price has delivered staggering multibagger returns of 4,595%. At 1:40 PM on Tuesday, Adani Energy Solutions share price was trading 0.10% higher at ₹1,571.40 on the BSE, reflecting positive market sentiment following the acquisition announcement. The transaction does not fall within related party transactions and promoter group entities do not have any interest in the target company.
