The US-based fund has appointed boutique investment bank to run the sale process. The potential deal could peg Polaris’ enterprise value at around $200 million (₹1,892 crore), the people said.
I Squared had committed an investment of $150 million in February 2023 for a controlling majority stake in Polaris through its ISQ Growth Markets Infrastructure Fund (ISQGMIF).
Singapore-headquartered Polaris operates in India through wholly owned unit Gomati Smart Metering. The company has secured in Uttar Pradesh and West Bengal. In Uttar Pradesh, Polaris is executing a contract with Madhyanchal Vidyut Vitran Nigam to install 5.1 million smart meters cross the Lucknow and Ayodhya clusters, according to its website. In West Bengal, it has won a contract for the installation of 2.2 million smart meters.
Polaris Smart Metering had raised ₹710 crore in secured financing from British International Investment (BII) a fortnight ago.
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