Adani Energy Solutions to Acquire IntelliSmart in ₹3,050 Crore Deal to Become India’s Largest Smart Metering Platform

On June 9, 2026, Adani Energy Solutions Limited (AESL) executed a binding securities purchase and subscription agreement (SPSA) to acquire a 100% equity stake in IntelliSmart Infrastructure Private Limited for ₹3,050 crore. The deal, which includes the redemption of optionally convertible debentures (OCDs) held by the National Investment and Infrastructure Fund (NIIF), effectively hands AESL a dominant 20% share of India’s national smart-metering target. By absorbing IntelliSmart—a joint venture between NIIF and Energy Efficiency Services Limited (EESL)—AESL bypasses the lengthy lead times associated with greenfield projects, shifting its balance sheet focus toward inorganic asset intensity in the high-growth utility data sector.

Combined Platform Scale and Market Reach

The acquisition consolidates two of the industry’s most significant portfolios, establishing a market leader with the following scale:

• Total Combined Portfolio: 4.7+ crore smart meters.
• IntelliSmart’s Contribution: 2.2+ crore meters (ranked among India’s top three smart metering companies).
• Geographic Footprint: Strategic presence in Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar, and Assam.
• Market Position: Largest smart metering platform in India.

This portfolio represents nearly one-fifth of the 25-crore meter national target established under the Revamped Distribution Sector Scheme (RDSS). The transaction arrives amid heightened industry urgency as the RDSS approaches its fixed sunset date of March 31, 2026, requiring Advanced Metering Infrastructure Service Providers (AMISPs) to accelerate deployment to meet federal mandates.

Technical and Financial Transaction Details

Incorporated on November 13, 2019, IntelliSmart has demonstrated a steep growth trajectory. The company reported a turnover of ₹621.32 crore in FY25, a significant escalation from ₹243.50 crore in FY24 and ₹85.0 crore in FY23. AESL intends to fund the ₹3,050 crore cash outflow utilizing its strong liquidity position, bolstered by a successful $1 billion Qualified Institutional Placement (QIP) completed in April 2026.

The transaction is structured under the industry-standard TOTEX mode (capital plus operational expenses), allowing AESL to optimize operation and maintenance costs across its broader infrastructure platform.

The following advisors represented the parties in the transaction:

Regulatory Conditions and Implementation Timeline

Completion of the acquisition is subject to customary closing conditions and regulatory approvals, most notably a mandatory review by the Competition Commission of India (CCI) to assess market competition dynamics. The indicative timeline for completion is within 180 days from the signing of the SPSA.

AESL has formally stated that this is not a related party transaction. No member of the AESL promoter group holds any interest in the target company, ensuring a clean transfer of the 100% equity stake from the existing joint venture partners.

Official Leadership Statements

• Kandarp Patel, CEO, AESL: “Acquisition of IntelliSmart enhances our scale and execution capabilities, enables us to support India’s power distribution modernization through technology-led solutions.”
• Anil Rawal, MD & CEO, IntelliSmart: “IntelliSmart is proud to be part of this milestone transaction… This achievement is expected to catalyze further investments and accelerate the digitalization of the power distribution sector.”
• Vinod Giri, Managing Partner, NIIF: “For NIIF, this transaction marks an important milestone in our infrastructure strategy. 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.”
• Akhilesh Dixit, CEO, EESL: “We are proud of IntelliSmart’s contribution to the smart metering ecosystem and believe this transaction will further strengthen its ability to serve DISCOMs and consumers at scale.”