Adani Energy Solutions to Acquire IntelliSmart for INR 3,050 Crore, Expands Smart Metering Portfolio
The deal, which remains subject to regulatory and customary approvals, will strengthen AESL's position as India's largest smart metering platform, increasing its smart meter portfolio to more than 4.7 crore units.
June 09, 2026. By Abha Rustagi
The transaction involves the acquisition of a 100 percent equity stake in IntelliSmart, a joint venture between the National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Ltd (EESL), along with the redemption of optionally convertible debentures held by NIIF.
The deal, which remains subject to regulatory and customary approvals, will strengthen AESL's position as India's largest smart metering platform, increasing its smart meter portfolio to more than 4.7 crore units.
IntelliSmart is among India's leading owners and operators of smart meter assets, with a portfolio exceeding 2.2 crore meters deployed across Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar and Assam. The company serves several large power distribution utilities and has established a significant presence in some of the country's fastest-growing electricity markets.
"Acquisition of IntelliSmart enhances our scale and execution capabilities, enabling us to support India's power distribution modernisation through technology-led solutions," Kandarp Patel, CEO of Adani Energy Solutions, said in a statement.
India is accelerating the rollout of smart meters under its power sector reform initiatives aimed at reducing distribution losses, improving billing efficiency and enhancing grid management. The government's ambitious smart metering programme has created substantial opportunities for private sector participation in the sector.
AESL said the acquisition aligns with its strategy of pursuing growth through both organic expansion and strategic acquisitions. The company expects the transaction to generate synergies through economies of scale, optimisation of operations and maintenance costs, and integration with its broader energy and infrastructure platform.
IntelliSmart Managing Director and CEO Anil Rawal said the transaction marked a significant milestone for the company and its stakeholders.
“IntelliSmart is proud to be part of this milestone transaction, which has created significant value for investors in a remarkably short span since the company’s formation. This achievement is expected to catalyse further investments and accelerate the digitalisation of the power distribution sector, which is already emerging as a key driver of transformation across the country’s entire power value chain,” Rawal said.
For NIIF, the sale represents a successful exit from an infrastructure platform that it helped build and scale. Vinod Giri, Managing Partner at NIIF, said IntelliSmart's growth demonstrated the fund's ability to develop infrastructure businesses in emerging sectors of national importance.
"As IntelliSmart enters its next phase of growth, this exit enables us to unlock value while continuing to catalyse institutional capital into India's digital and energy transition," Giri said.
Cyril Amarchand Mangaldas acted as legal advisor to AESL, while Talwar Thakore and Associates advised the sellers. Deloitte Touche Tohmatsu India served as the exclusive transaction advisor to the sellers.
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