AESL to acquire IntelliSmart for ₹3,050 Cr, becoming largest smart meter player

Adani Energy Solutions Limited (AESL) has executed a binding agreement to acquire a 100% equity stake in IntelliSmart Infrastructure Private Limited, a joint venture between National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Limited (EESL). The total consideration for the transaction is ₹3,050 crore, which includes the acquisition of equity shares and the redemption of optionally convertible debentures held by NIIF. This acquisition will consolidate AESL's position as India’s largest smart metering platform, expanding its portfolio to over 4.7+ crore smart meters. IntelliSmart currently manages over 2.2+ crore meters across five states. The deal is subject to regulatory and other customary approvals, and is expected to enhance AESL's scale, execution capabilities, and deliver synergies through economies of scale.