Adani Energy Solutions Limited (AESL) has executed a binding securities purchase and subscription agreement to acquire a 100 per cent stake in IntelliSmart Infrastructure Private Limited, a smart metering joint venture between the National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Limited, for Rs 30.5 billion.
The transaction includes the acquisition of the entire equity share capital of IntelliSmart and the redemption of optionally convertible debentures held by NIIF. The transaction is subject to regulatory and customary approvals. IntelliSmart is among the top three players in India’s smart metering segment and has a portfolio of over 22 million smart meters across Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar and Assam. Following the acquisition, AESL’s smart meter portfolio will exceed 47 million meters.