Power Move: Adani Energy Acquires IntelliSmart for ₹3,050 Crore

Adani Energy Solutions Ltd (AESL) has entered into a binding agreement to acquire IntelliSmart Infrastructure Pvt Ltd in a ₹3,050-crore transaction, a strategic move that will position the company as India’s largest smart metering platform.

The acquisition will increase AESL’s smart meter portfolio to more than 4.7 crore meters, significantly expanding its footprint in the fast-growing smart metering segment of the power distribution sector. The company has signed a Securities Purchase and Subscription Agreement (SPSA) to acquire 100% ownership of IntelliSmart, a leading smart metering company backed by the National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Ltd (EESL).

The transaction includes the purchase of IntelliSmart’s entire equity share capital as well as the redemption of optionally convertible debentures held by NIIF. The deal remains subject to customary regulatory approvals, including clearance from the Competition Commission of India (CCI), and is expected to be completed within 180 days.

Established in 2019, IntelliSmart has emerged as one of India’s top three smart metering companies, with a portfolio exceeding 2.2 crore smart meters deployed across key states including Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar, and Assam. The company has recorded strong growth in recent years, with revenue rising to ₹621.3 crore in FY25 from ₹243.5 crore in FY24 and ₹85 crore in FY23.

AESL said the acquisition, which will be funded through a cash consideration of ₹3,050 crore, aligns with its long-term strategy of expanding its digital energy infrastructure business. The company expects the addition of IntelliSmart’s capabilities and customer base to accelerate growth, enhance operational scale, and further strengthen its leadership position in India’s rapidly evolving smart metering and energy management ecosystem.

News by Rahul Yelligetti.