Adani Energy Solutions, GMR Smart Electricity Distribution, GIC-backed Genus Power Infrastructures and Swiss fund Partners Group have advanced to the second round of discussions, with binding bids expected by mid-June.
A deal may value co, backed by NIIF-EESL, at $400 m; binding bids likely by middle of June
The shortlisted bidders have commenced due diligence, sources said. IntelliSmart, jointly owned by National Investment and Infrastructure Fund (NIIF) and financially stressed Energy Efficiency Services (EESL), had attracted nearly 10 initial bids and 4-5 potential buyers were likely to be shortlisted for detailed due diligence, ET reported last month.
Emails sent to Adani, GMR, Genus Power, Partners Group and NIIF did not elicit any response till press time. Founded in 2019, IntelliSmart has secured orders for nearly 22 million smart meters from state utilities across India. Of these, the company has installed around 600,000 smart meters in Assam and about 500,000 in Uttar Pradesh. NIIF holds a 51% stake in IntelliSmart, while EESL owns the remaining 49%. EESL-a joint venture of NTPC, Power Finance Corporation, Rural Electrification Corporation and Power Grid Corporation of India-had outstanding long-term borrowings of ₹6,045 crore as of March 31, 2025, compared with ₹7,070 crore a year earlier.
Adani Energy Solutions, India’s leading private-sector transmission, distribution and smart metering company, recently said it has completed cumulative installations of 11.36 million smart meters. Its under-implementation pipeline stands at 24.6 million smart meters across 10 projects, with a revenue potential exceeding ₹29,500 crore.
As India’s leading advanced metering infrastructure service provider (AMISP), Adani Energy Solutions has a mandate to deploy 25 million smart meters across five states.
Operational since January 2025, GMR’s Uttar Pradesh smart metering initiative has secured three major orders worth ₹7,593 crore from UP discoms, involving the replacement of nearly 7.6 million conventional meters with smart meters. Swiss fund Partners Group, along with a consortium of global funds own a controlling stake in German smart metering portfolio company Techem, which has valuation of $7.5 billion.