CCI Clears Adani Energy’s INR 3,050-Crore IntelliSmart Deal

The Competition Commission of India (CCI) has approved Adani Energy Solutions Ltd.’s proposed acquisition of 100 per cent equity share capital of IntelliSmart Infrastructure Pvt. Ltd.  from the National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Ltd. (EESL). The transaction is valued at INR 3,050 crore and also includes the redemption of optionally convertible debentures held by NIIF.

In a statement issued by CCI, the competition regulator confirmed its approval for the proposed combination, under which Adani Energy Solutions will acquire the entire shareholding of IntelliSmart from the two existing shareholders.

The acquisition covers 100 per cent of IntelliSmart’s equity share capital. The transaction structure also provides for the redemption of optionally convertible debentures held by NIIF, forming part of the overall INR 3,050-crore deal.

Adani Energy Solutions had announced the proposed acquisition in June 2026, stating that it had executed a binding securities purchase and subscription agreement to acquire the entire equity stake in IntelliSmart.

IntelliSmart Infrastructure operates in the advanced metering infrastructure (AMI) segment, providing solutions for electricity utilities in India. Its business includes the deployment of smart electricity meters and smart gas meters. The company is engaged in supporting the implementation of smart metering systems as part of the modernisation of the country's utility infrastructure.

The acquisition will add IntelliSmart's smart metering operations to Adani Energy Solutions' existing electricity transmission, distribution and advanced metering infrastructure businesses. Adani Energy Solutions is part of the Adani Group and is primarily engaged in electricity transmission and distribution, along with the deployment of advanced metering infrastructure in India.

NIIF, which holds an interest in IntelliSmart, is India's sovereign-anchored alternative asset manager. EESL, the other selling shareholder, is a joint venture of leading public sector undertakings operating under the Ministry of Power.

The CCI's approval marks a regulatory milestone for the transaction, which was announced earlier this year. The deal involves the transfer of complete ownership of IntelliSmart to Adani Energy Solutions, subject to completion of the remaining transaction requirements.