Adani Energy Solutions to Acquire IntelliSmart for Rs.3050 Crore
Adani Energy Solutions Ltd (AESL) has entered into a binding deal to purchase IntelliSmart Infrastructure Pvt Ltd in a Rs.3,050-crore transaction that will solidify its status as the nation's leading smart metering platform.
The suggested acquisition will expand AESL’s smart meter collection to over 4.7 crore meters, bolstering its position in one of the rapidly growing segments of India’s power distribution industry.
Additionally, AESL entered into a Securities Purchase and Subscription Agreement (SPSA) to obtain complete equity in IntelliSmart, a smart metering joint venture supported by the National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Ltd (EESL).
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The deal encompasses the purchase of all equity share capital of IntelliSmart along with the redemption of optionally convertible debentures owned by NIIF. The agreement is contingent upon receiving regulatory approvals and meeting other standard closing conditions.
IntelliSmart ranks among the leading three companies in India’s smart metering industry and manages a collection of over 2.2 crore smart meters throughout Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar, and Assam. IntelliSmart has experienced rapid growth since it was established in November 2019.
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The firm announced revenue of Rs.621.3 crore in FY25, an increase from Rs.243.5 crore in FY24 and Rs.85 crore in FY23, highlighting the rapid deployment of smart meters among utilities. The deal, which will be financed with a cash amount of Rs.3,050 crore, awaits approval from the Competition Commission of India and is anticipated to conclude within 180 days after the agreement is signed.
“Acquisition of IntelliSmart enhances our scale and execution capabilities and enables us to support India’s power distribution modernisation through technology-led solutions,” states Kandarp Patel, Chief Executive Officer of Adani Energy Solutions.
AESL stated that the purchase fits with its approach of seeking growth that adds value through both organic and external opportunities. The firm anticipates achieving synergies by leveraging economies of scale, enhancing operational efficiency and maintenance expenses, and aligning with its larger energy and infrastructure framework.
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AESL, the largest private power transmission firm in India, is presently engaged in transmission, distribution, smart metering, and cooling solutions sectors. The firm operates in 16 states, manages a transmission network covering 27,949 circuit kilometers, and possesses a transformation capacity of 1,23,175 MVA. In the distribution sector, AESL caters to over 13 million customers in Mumbai and the Mundra Special Economic Zone. The firm has been swiftly enlarging its smart metering sector and now possesses a backlog of more than 24.6 million smart meters.