THEBUSINESSBYTES BUREAU

AHMEDABAD, JUNE 9, 2026

In a major consolidation move in India’s fast-evolving power distribution sector, Adani Energy Solutions Limited (AESL) has signed a binding Securities Purchase and Subscription Agreement (SPSA) to acquire a 100 per cent equity stake in IntelliSmart Infrastructure Private Limited, one of the country’s largest smart metering companies. The ₹3,050-crore transaction is set to propel AESL into the position of India’s largest smart metering platform, with a combined portfolio exceeding 4.7 crore smart meters.

The acquisition includes the purchase of the entire equity share capital of IntelliSmart as well as the redemption of optionally convertible debentures held by the National Investment and Infrastructure Fund (NIIF). The deal remains subject to regulatory and customary approvals before completion.

IntelliSmart, a joint venture between NIIF and Energy Efficiency Services Limited (EESL), has emerged as a leading owner and operator of smart meter assets in India, with a portfolio of more than 2.2 crore meters spread across key states including Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar and Assam. Its strong footprint in high-growth electricity markets is expected to provide a significant platform for AESL’s future expansion ambitions.

Commenting on the acquisition, Kandarp Patel, CEO of Adani Energy Solutions, said the transaction would significantly strengthen the company’s scale and execution capabilities while supporting the modernization of India’s power distribution network through technology-driven solutions. He noted that the acquisition aligns with AESL’s long-term strategy of pursuing value-accretive growth through both organic expansion and strategic acquisitions.

Industry observers view the transaction as a significant milestone in India’s smart metering journey, which is being driven by government efforts to improve billing efficiency, reduce power losses and enhance consumer services through digital technologies. The integration of IntelliSmart’s assets with AESL’s energy and infrastructure platform is expected to generate substantial synergies through economies of scale, operational efficiencies and optimized maintenance costs.

IntelliSmart Managing Director and CEO Anil Rawal described the deal as a landmark achievement that has created substantial value for stakeholders. He said the transaction is expected to unlock fresh investments and accelerate the digital transformation of India’s power distribution sector, which is increasingly becoming a critical driver of efficiency across the country’s energy value chain.

For NIIF, the sale marks a successful exit from one of its flagship infrastructure investments. Vinod Giri, Managing Partner at NIIF, said IntelliSmart’s growth into a leading smart metering platform demonstrates the fund’s ability to build and scale infrastructure businesses in emerging sectors of national importance. He added that the transaction enables NIIF to unlock value while continuing to attract institutional capital into India’s digital and energy transition initiatives.

EESL CEO Akhilesh Dixit said the company has played a pivotal role in promoting energy efficiency and digital transformation across the power sector and expressed confidence that IntelliSmart, under AESL’s ownership, would further strengthen its ability to serve distribution companies and consumers at scale.