Adani Energy Solutions Ltd (AESL) has signed a binding agreement to acquire IntelliSmart Infrastructure Pvt Ltd in a ₹3,050-crore transaction that will cement its position as the country’s largest smart metering platform.
The proposed acquisition will increase AESL’s smart meter portfolio to more than 4.7 crore meters, strengthening its presence in one of the fastest-growing segments of India’s power distribution sector. AESL on Tuesday stated in an official release that it has executed a Securities Purchase and Subscription Agreement (SPSA) to acquire 100 per cent equity in IntelliSmart, a smart metering joint venture backed by the National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Ltd (EESL). The transaction includes the acquisition of the entire equity share capital of IntelliSmart as well as the redemption of optionally convertible debentures held by NIIF. The deal is subject to regulatory approvals and other customary closing conditions.
IntelliSmart is among the top three players in India’s smart metering sector and owns and operates a portfolio of more than 2.2 crore smart meters across Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar and Assam. IntelliSmart has scaled rapidly since its incorporation in November 2019. The company reported revenue of ₹621.3 crore in FY25, up from ₹243.5 crore in FY24 and ₹85 crore in FY23, reflecting the accelerating pace of smart meter deployment across utilities. The transaction, which will be funded through cash consideration of ₹3,050 crore, is subject to Competition Commission of India approval and is expected to be completed within 180 days of signing the agreement.
“Acquisition of IntelliSmart enhances our scale and execution capabilities and enables us to support India’s power distribution modernisation through technology-led solutions,” stated Kandarp Patel, Chief Executive Officer of Adani Energy Solutions. AESL said the acquisition aligns with its strategy of pursuing value-accretive growth through both organic and inorganic opportunities. The company expects to generate synergies through economies of scale, optimisation of operations and maintenance costs, and integration with its broader energy and infrastructure platform.
AESL, India’s largest private power transmission company, currently operates across transmission, distribution, smart metering and cooling solutions businesses. The company has a presence in 16 states, operates a transmission network spanning 27,949 circuit kilometres and has transformation capacity of 1,23,175 MVA. In the distribution segment, AESL serves more than 13 million consumers in Mumbai and the Mundra Special Economic Zone. The company has been rapidly expanding its smart metering business and currently has an order book of over 24.6 million smart meters.