Adani Energy Solutions signed a binding agreement on 9 June to buy all of IntelliSmart Infrastructure, the smart-metering joint venture of the National Investment and Infrastructure Fund and Energy Efficiency Services Ltd, for ₹3,050 crore.
Why Adani Energy Solutions is buying IntelliSmart Infrastructure
AESL said the deal would bring operating synergies from scale, lower operation and maintenance costs and integration with its wider energy and infrastructure platform, and would support the modernisation of India's power distribution networks.
Deal terms and financing
The ₹3,050 crore consideration covers the purchase of IntelliSmart's entire equity share capital and the redemption of optionally convertible debentures held by NIIF.
Regulatory approvals and timing
Completion is subject to regulatory and other customary approvals.
Market context
IntelliSmart owns and operates more than 22 million smart meters across five states under India's push to replace conventional meters with prepaid smart meters. With the deal AESL's portfolio would exceed 47 million meters.
