The acquisition, subject to regulatory and other customary approvals, will give AESL a combined smart meter portfolio of over 4.7 crore meters, making it India’s largest smart metering platform, the company said in a BSE filing.
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IntelliSmart is currently a joint venture between the National Investment and Infrastructure Fund (NIIF), which holds a 51% stake, and Energy Efficiency Services Limited (EESL), which holds the remaining 49%. The deal consideration includes acquisition of 100% of IntelliSmart’s equity share capital and redemption of optionally convertible debentures held by NIIF.
IntelliSmart has a portfolio of over 2.2 crore smart meters spread across Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar, and Assam, making it one of the top three players in India’s smart metering segment.
AESL currently has an order book of over 2.46 crore meters in its smart metering business. Post-acquisition, the combined entity’s 4.7 crore-meter portfolio would consolidate AESL’s position at the top of India’s smart metering market.
“Acquisition of IntelliSmart enhances our scale and execution capabilities, enables us to support India’s power distribution modernisation through technology-led solutions,” said Kandarp Patel, CEO, Adani Energy Solutions.Also read: Two Adani Group stocks in focus as GQG sells stake in Rs 5,750 crore deal; SBI MF lone buyer
Anil Rawal, MD & CEO of IntelliSmart, said the transaction was expected to catalyse further investments and accelerate the digitalisation of the power distribution sector.
Cyril Amarchand Mangaldas acted as legal advisor to AESL for the transaction. Talwar Thakore & Associates acted as legal advisors to the sellers, while Deloitte Touche Tohmatsu India acted as exclusive transaction advisors to the sellers.
AESL, part of the Adani Group, is India’s largest private transmission company with a network spanning 27,949 circuit kilometres and a transformation capacity of 1,23,175 MVA across 16 states. The company also serves over 13 million distribution consumers in Mumbai and Mundra SEZ.