The Competition Commission of India (CCI) has approved Adani Energy Solutions Ltd's proposal to acquire IntelliSmart Infrastructure Pvt Ltd in a ₹3,050-crore transaction. According to CCI's statement, the regulator cleared the acquisition of 100 per cent of the share capital of IntelliSmart Infrastructure by Adani Energy Solutions Ltd. The proposed combination involves the acquisition of the target company's equity share capital from National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Ltd (EESL). As reported by CCI, deals beyond a certain threshold require regulatory approval to monitor unfair business practices and promote fair competition in the marketplace.
As reported by CCI, the ₹3,050-crore transaction includes the acquisition of 100 per cent equity stake in IntelliSmart Infrastructure and the redemption of optionally convertible debentures held by NIIF. Adani Energy Solutions Ltd is involved in electricity transmission and distribution, and deployment of advanced metering infrastructure in the country. The firm operates as part of the billionaire Gautam Adani-led Adani Group. The transaction represents a significant consolidation move within the advanced metering infrastructure sector, combining Adani Energy Solutions' transmission capabilities with IntelliSmart's smart metering expertise.
According to CCI, IntelliSmart Infrastructure is engaged in providing advanced metering infrastructure for electricity in the country and deploying smart gas meters. The target company is owned by NIIF, India's sovereign-anchored alternative asset manager, and EESL, a joint venture of leading public sector undertakings under the Ministry of Power. As reported by CCI, the company is also involved in deploying certain smart gas meters in the country, expanding its scope beyond electricity metering.
According to reports, Adani Energy Solutions announced in June this year that it has executed a binding securities purchase and subscription agreement to acquire the 100 per cent equity stake in IntelliSmart Infrastructure. The transaction represents a significant consolidation move within the advanced metering infrastructure sector, combining Adani Energy Solutions' transmission capabilities with IntelliSmart's smart metering expertise. The ₹3,050-crore deal enhances Adani Energy Solutions' position in electricity transmission and advanced metering infrastructure, positioning the company for expanded operations in the smart energy sector.
