Adani Energy Solutions acquires Intellismart Infrastructure for ₹3,050 crore

Adani Energy Solutions Limited (AESL) has completed the acquisition of Intellismart Infrastructure in a ₹3,050 crore deal, as reported by The Business Standard on Friday. Through this transaction, Adani Group company will be able to establish a strong presence in the smart metering sector. Under this deal, the company has purchased 100 per cent of the equity share capital of Intellismart.

According to a report by The Economic Times, the transaction also includes the redemption of convertible debentures held by National Investment and Infrastructure Fund (NIIF). Adani Energy Solutions clarified in an exchange filing that it has acquired the entire stake in Intellismart from NIIF and Energy Efficiency Services Limited (EESL), and the redemption of optional convertible debentures held by NIIF has also been completed.

Intellismart Infrastructure provides advanced metering infrastructure for electricity in the country and also works on installing smart gas meters. Approval for this acquisition was granted by the Competition Commission of India (CCI) in October. On 30 October, this body, known as the fair trade regulator, approved the proposal of Adani Energy Solutions. As per rules, approval from the regulator is required for transactions exceeding a certain limit, which monitors unfair trade practices in the market and promotes fair competition.

Providing background to this transaction, according to reports, Adani Energy Solutions had announced the implementation of a binding securities purchase and subscription agreement for the acquisition of 100 per cent equity stake in Intellismart Infrastructure in June this year. NIIF, involved in this deal, is India's sovereign-anchored alternative asset manager, while EESL is a joint venture of leading public sector enterprises under the Ministry of Power.

Adani Energy Solutions Limited is a part of the Adani Group, led by billionaire Gautam Adani. The company is primarily involved in electricity transmission and distribution as well as the deployment of advanced metering infrastructure in the country.

Adani Energy Solutions Limited has been operating in the fields of electricity transmission and distribution as well as the use of advanced metering infrastructure. It is an important company of the Adani Group that focuses on various aspects of the energy sector.