Adani Energy Solutions Ltd has completed its Rs 3,050-crore acquisition of IntelliSmart Infrastructure from the National Investment and Infrastructure Fund and Energy Efficiency Services Limited, strengthening its presence in India’s smart-metering and electricity distribution infrastructure market.
The transaction includes the purchase of 100 per cent of IntelliSmart’s equity share capital from NIIF and EESL, along with the redemption of optionally convertible debentures held by NIIF. Adani Energy Solutions disclosed the completion in an exchange filing on Friday.
IntelliSmart provides advanced metering infrastructure for electricity distribution and also deploys certain smart gas meters in India. Advanced meters are designed to support the digital monitoring of consumption and distribution networks, linking the transaction to the wider modernisation of utility infrastructure.
The Competition Commission of India approved Adani Energy Solutions’ proposal to acquire IntelliSmart Infrastructure on October 30. Transactions crossing specified thresholds are subject to the fair trade regulator’s review, which examines combinations for their potential impact on competition and unfair business practices.
Adani Energy Solutions had announced in June that it had entered into a binding securities purchase and subscription agreement to acquire the entire equity stake in IntelliSmart. The completed deal now transfers the company from its earlier ownership structure involving NIIF and EESL to the Adani Group utility.
NIIF is India’s sovereign-anchored alternative asset manager. EESL is a joint venture of public sector undertakings under the Ministry of Power. IntelliSmart was established to operate in the smart-metering space, while Adani Energy Solutions is engaged in electricity transmission, distribution and the deployment of advanced metering infrastructure.
The acquisition brings together IntelliSmart’s existing smart-metering platform and Adani Energy Solutions’ activities across electricity transmission and distribution. The filing did not provide details of any changes to IntelliSmart’s operations, project pipeline, staffing or implementation schedule following the acquisition.
The transaction comes as smart metering remains an important component of efforts to improve the monitoring and management of electricity distribution networks. The supplied disclosure, however, does not specify the number of meters covered by IntelliSmart’s operations, the states in which its projects are active, or the immediate financial and operational targets Adani Energy Solutions has set for the business. Further details will depend on subsequent company disclosures and implementation updates.
