Adani Energy Solutions Signs ₹3,050-Crore Deal for IntelliSmart.

Adani Energy Solutions Ltd (AESL) has signed a binding agreement to acquire IntelliSmart Infrastructure Pvt Ltd in a ₹3,050-crore deal, a move that will make it India’s largest smart metering platform.

The acquisition will expand AESL’s smart meter portfolio to more than 4.7 crore meters, significantly strengthening its presence in the rapidly growing smart metering segment of the power distribution sector. The company announced that it has executed a Securities Purchase and Subscription Agreement (SPSA) to acquire 100% equity in IntelliSmart, a joint venture backed by the National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Ltd (EESL).

The transaction includes the acquisition of IntelliSmart’s entire equity share capital and the redemption of optionally convertible debentures held by NIIF. It is subject to regulatory approvals, including clearance from the Competition Commission of India (CCI), and is expected to close within 180 days.

IntelliSmart is among the top three smart metering companies in the country, with a portfolio of over 2.2 crore smart meters deployed across Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar and Assam. Since its incorporation in 2019, the company has witnessed rapid growth, reporting revenue of ₹621.3 crore in FY25, compared with ₹243.5 crore in FY24 and ₹85 crore in FY23.

AESL said the acquisition, funded through cash consideration of ₹3,050 crore, will accelerate its growth in digital energy infrastructure and reinforce its leadership position in India’s smart metering market.