Adani Energy to acquire IntelliSmart in ₹3,050 crore smart metering deal

Summary

Adani Energy Solutions Ltd (AESL) has agreed to acquire smart metering company IntelliSmart Infrastructure for ₹3,050 crore, strengthening its position in India's rapidly expanding smart meter market.

The acquisition is expected to expand AESL’s smart metering portfolio to more than 4.7 crore meters and support the modernization of the country’s power distribution network.

AHMEDABAD, June 9, 2026 — Adani Energy Solutions Ltd (AESL) has signed a binding Securities Purchase and Subscription Agreement (SPSA) to acquire a 100% stake in IntelliSmart Infrastructure for ₹3,050 crore, marking one of the largest transactions in India’s smart metering sector.

According to AESL, the acquisition will expand its cumulative smart meter portfolio to more than 4.7 crore meters, strengthening its position in the country’s digital utility infrastructure market.

IntelliSmart Infrastructure is a joint venture backed by the National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Ltd (EESL). The company is among India’s leading smart metering service providers and asset owners.

The transaction includes the acquisition of IntelliSmart’s entire equity share capital and the redemption of optionally convertible debentures (OCDs) held by NIIF.

Completion of the deal remains subject to regulatory approvals and customary closing conditions.

IntelliSmart currently manages a portfolio of more than 2.2 crore smart meters across key states including Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar and Assam. The acquisition is expected to provide AESL with an expanded operating footprint in some of India’s largest electricity distribution markets.

Kandarp Patel, Chief Executive Officer of AESL, said the acquisition would strengthen the company’s capabilities in delivering technology-led solutions for India’s power distribution sector while enhancing operational scale.

The company expects the transaction to generate synergies through economies of scale, operational efficiencies and integration with AESL’s broader energy infrastructure platform.

Anil Rawal, Managing Director and Chief Executive Officer of IntelliSmart, described the transaction as a significant milestone that reflects the company’s growth into a leading smart metering platform.

Vinod Giri, Managing Partner at NIIF, said IntelliSmart’s expansion demonstrates the fund’s ability to develop and scale infrastructure platforms in strategically important sectors.

Akhilesh Dixit, Chief Executive Officer of EESL, said the transaction would help accelerate digital transformation initiatives across India’s power distribution ecosystem and support utility modernization efforts.

Deal architecture and advisors

The transaction involved several legal and financial advisors. Cyril Amarchand Mangaldas acted as legal advisor to AESL. Talwar Thakore & Associates advised the sellers on legal matters, while Deloitte Touche Tohmatsu India served as exclusive financial advisor to NIIF and EESL.

The acquisition comes as state-owned distribution companies accelerate smart meter deployment to reduce aggregate technical and commercial (AT&C) losses, improve billing efficiency and strengthen grid management capabilities.

Why this matters

• Market leadership: The acquisition expands AESL’s smart metering portfolio to more than 4.7 crore meters, making it one of India’s largest smart metering platforms.
• Expanded footprint: IntelliSmart’s presence across multiple high-growth states provides AESL with immediate scale and operational reach.
• Utility modernization: Smart meters are a key component of India’s efforts to improve power distribution efficiency and reduce losses.
• Operational synergies: The combination is expected to generate efficiencies through larger-scale operations, integrated technology platforms and optimized maintenance networks.
• Policy support: The transaction aligns with the government’s broader push to modernize electricity distribution infrastructure through digital technologies.

FAQs

Q1: What is the value of the IntelliSmart acquisition?

AESL has agreed to acquire 100% of IntelliSmart Infrastructure for ₹3,050 crore through a binding Securities Purchase and Subscription Agreement.

Q2: How many smart meters will AESL manage after the acquisition?

Following completion of the transaction, AESL’s smart metering portfolio is expected to exceed 4.7 crore meters.

Q3: Who are the sellers in this transaction?

IntelliSmart Infrastructure is jointly owned by the National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Ltd (EESL).

Q4: Which advisory firms worked on the deal?

Cyril Amarchand Mangaldas advised AESL, while Talwar Thakore & Associates acted as legal advisor to the sellers. Deloitte Touche Tohmatsu India served as exclusive financial advisor to NIIF and EESL.

Q5: Which states does IntelliSmart operate in?

The company has deployed smart meters across several states, including Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar and Assam.