I Squared Capital has acquired a controlling stake in Polaris Smart Metering Private Limited, which owns Gram Power (India) Private Limited, through an investment of $100 million.
The firm has also rebranded its India business, Gram Power, to Polaris. Funds raised will primarily be used to acquire, execute and finance large smart metering contracts across India. Capital will also go towards upgrading the company’s manufacturing capabilities to global standards, investing in research and development, and developing industry-leading talent.