IntelliSmart acquisition to make Adani Energy Solutions India’s biggest smart metering platform
Adani Energy Solutions Limited (AESL) has signed a binding securities purchase and subscription agreement to acquire a 100% equity stake in IntelliSmart Infrastructure Private Limited for a total consideration of Rs 3,050 crore. The transaction includes the acquisition of the entire equity share capital of IntelliSmart and the redemption of optionally convertible debentures held by the National Investment and Infrastructure Fund (NIIF).
According to the company, the acquisition will make AESL the country’s largest smart metering platform, with a combined portfolio of more than 4.7 crore smart meters.
Portfolio expansion
IntelliSmart is among the top three smart metering companies in India and has a portfolio of more than 2.2 crore meters across Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar, and Assam.
The company is a joint venture between NIIF and Energy Efficiency Services Limited (EESL), a public sector undertaking under the Ministry of Power. IntelliSmart was incorporated on November 13, 2019, and operates in the procurement, deployment, and operations and maintenance of smart meter infrastructure.
Financial details
IntelliSmart reported a turnover of Rs 621.32 crore in FY25, compared to Rs 243.50 crore in FY24 and Rs 85.0 crore in FY23.
AESL stated that the acquisition aligns with its strategy of pursuing value-accretive growth through both organic and inorganic opportunities. The company expects synergies from economies of scale, optimisation of operations and maintenance costs, and integration with its wider energy and infrastructure platform.
Management statements
Kandarp Patel, Chief Executive Officer (CEO) of AESL, said the acquisition would enhance the company’s scale and execution capabilities and support power distribution modernisation through technology-led solutions.
Anil Rawal, Managing Director (MD) and CEO of IntelliSmart, said the transaction marked a milestone for the company and was expected to support further investments and accelerate digitalisation in the power distribution sector.
Vinod Giri, Managing Partner at NIIF, said the transaction represented an important milestone in NIIF’s infrastructure strategy and enabled value creation while continuing to support institutional investment in India’s digital and energy transition.
Akhilesh Dixit, CEO of EESL, said the company remained focused on energy efficiency and digital transformation in the power sector and highlighted IntelliSmart’s role in the smart metering ecosystem.
Approvals and timeline
Completion of the transaction is subject to customary conditions precedent, including approval from the Competition Commission of India (CCI). The indicative timeline for completion is within 180 days from the signing of the Securities Purchase and Subscription Agreement (SPSA) on June 9, 2026, or another mutually agreed date.
AESL stated that the transaction is not a related party transaction and that no promoter, promoter group, or group companies have any interest in IntelliSmart.
Advisors
Cyril Amarchand Mangaldas acted as legal advisor to AESL. Talwar Thakore & Associates acted as legal advisors to the sellers, while Deloitte Touche Tohmatsu India acted as exclusive transaction advisors to the sellers.
The featured photograph is for representation only.
