India’s energy solutions company Adani Energy Solutions Ltd (AESL) on Tuesday announced that it has signed an agreement to buy 100 percent stake in smart meter maker IntelliSmart Infrastructure Pvt Ltd. The total value of this contract is Rs.3,050 crore The acquisition will further strengthen Adani Energy’s position in the country’s smart meter sector.
The company said that after the deal, Adani Energy’s total number of smart meters will cross 47 million, making it India’s largest smart meter platform.
IntelliSmart is a joint venture between National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Limited (EESL). The company currently operates over 22 million smart meters in Assam, Uttar Pradesh, Gujarat, Madhya Pradesh and Bihar. This will help Adani Energy to expand its business in future.
Kander Patel, CEO of Adani Energy, said the acquisition of IntelliSmart will greatly enhance their capabilities and scope. It will help modernize power distribution system in India with new technologies. IntelliSmart Managing Director and CEO Anil Rawal described the deal as a major achievement for the company and hoped that it would accelerate the digitization of India’s power sector.
Under the deal, Adani Energy will buy the entire ownership of IntelliSmart and buy back the debentures held by NIIF. However, approval from government and regulatory agencies will be required to complete the deal. Adani Energy expects the deal to reduce its business costs and speed up operations. This will benefit the overall energy sector of India.
NIIF Managing Partner Vinod Giri said IntelliSmart’s success proves that their investment in the country’s infrastructure sector is sound. EESL CEO Akhilesh Dixit said they will continue to work towards the digital transformation of India’s power sector and the deal will further strengthen IntelliSmart to provide better services to electricity distribution companies and consumers at a larger scale.