Adani Energy Solutions signs pact to buy IntelliSmart in Rs 3,050 crore deal

On Tuesday, Adani Energy Solutions Limited (AESL), a top Indian provider of energy solutions, disclosed that it has entered into a binding securities purchase and subscription agreement (SPSA) to acquire the full 100 % stake of smart‑metering firm IntelliSmart Infrastructure Private Limited, with the deal valued at Rs 3,050 crore.

The purchase will reinforce AESL’s standing in the smart‑metering arena and expand its total smart‑meter holdings to over 4.7 crore units, positioning it as India’s largest smart‑meter platform, the company said.

AESL added that the transaction encompasses acquiring IntelliSmart’s entire equity capital and redeeming the optionally convertible debentures held by NIIF.

Closing the deal remains contingent on regulatory clearances and standard closing conditions.

IntelliSmart, a joint venture between the National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Limited (EESL), currently operates and manages more than 2.2 crore smart meters in Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar and Assam.

The firm noted that IntelliSmart’s footprint in several high‑growth consumer markets offers a solid foundation for future expansion.

“Integrating IntelliSmart boosts our scale and execution ability, allowing us to drive India’s power‑distribution modernization through tech‑enabled solutions,” stated Kandarp Patel, CEO of Adani Energy Solutions.

AESL explained that the acquisition fits its strategy of pursuing value‑adding growth via both organic and inorganic avenues.

The company anticipates that the transaction will yield operational synergies through economies of scale, streamlined operations and maintenance, and tighter integration with its broader energy and infrastructure ecosystem.

Anil Rawal, Managing Director and CEO of IntelliSmart, said the deal represents a major milestone for the company and is poised to hasten the digital transformation of India’s power‑distribution sector.

Vinod Giri, Managing Partner at NIIF, highlighted that IntelliSmart’s rise as one of the nation’s premier smart‑metering platforms showcases the fund’s capacity to build and scale infrastructure ventures in emerging sectors.

He added that the transaction marks a key milestone in NIIF’s infrastructure investment approach, enabling value unlocking while continuing to support India’s digital and energy transition.

EESL CEO Akhilesh Dixit affirmed that the company remains dedicated to advancing energy efficiency and digital transformation across India’s power sector, believing the deal will further strengthen IntelliSmart’s capability to serve power distribution companies and consumers at scale.