Adani Energy Solutions Limited has signed a binding agreement to acquire a 100% stake in IntelliSmart Infrastructure Private Limited for Rs 3,050 crore, a deal that would significantly expand its presence in India's fast-growing smart metering market.
The transaction, announced on Tuesday, involves the acquisition of the entire equity 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.
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. That would make the company India's largest smart metering platform by scale.
IntelliSmart, a joint venture between NIIF and Energy Efficiency Services Limited, operates smart meter assets across Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar and Assam. The company is considered one of the top three players in India's 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.
For Adani Energy, the deal marks another step in diversifying beyond its core transmission business into technology-led utility services. The company said the acquisition would strengthen its execution capabilities and provide operational synergies through scale, lower maintenance costs and integration with its broader energy infrastructure network.
The acquisition also provides an exit for NIIF, which helped build IntelliSmart into one of the country's largest smart metering operators. The fund said the transaction demonstrates its strategy of scaling infrastructure platforms in emerging sectors before monetising investments.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.