Adani Energy Solutions Limited (AESL) has signed a binding securities purchase and subscription agreement to acquire a 100% equity stake in IntelliSmart Infrastructure Private Limited for a total consideration of ₹3,050 crore. IntelliSmart, one of India’s top three smart metering operators, was established as a prominent joint venture between the sovereign-linked National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Limited (EESL). The multi-crore transaction includes the total buyout of IntelliSmart’s equity share capital alongside the complete redemption of optionally convertible debentures held by NIIF. The absolute finalization of the cash-based deal remains subject to customary closing conditions and regulatory clearance from the Competition Commission of India (CCI).
This strategic buyout drastically scales up Adani Energy’s existing operational footprint, cementing its status as India’s largest smart metering platform. By integrating IntelliSmart’s expansive portfolio of over 2.2 crore smart meters deployed across Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar, and Assam, AESL’s combined cumulative installed and contracted smart meter asset base will surge past 4.7 crore meters. The acquisition aligns seamlessly with the Indian government’s massive Revamped Distribution Sector Scheme, which aims to replace 25 crore conventional meters nationwide to modernize state DISCOMs. According to AESL management, the integration will unlock substantial financial and operational synergies by lowering maintenance overheads, optimizing field logistics, and delivering robust economies of scale across its broader energy transmission and distribution infrastructure.
