Adani Energy Solutions has signed a binding agreement to acquire smart meter solutions provider Intellismart Infrastructure in a Rs 3,050 crore deal. In an exchange disclosure, Adani Energy said that it has signed a securities purchase and subscription agreement with stakeholders, namely the National Investment and Infrastructure Fund, Energy Efficiency Services, and Intellismart Infrastructure, to acquire a 100% stake.
Intellismart Infrastructure’s acquisition holds strategic importance for Adani Energy as the Indian government is pushing for replacing 25 crore conventional meters under the Smart Meter National Programme in the Revamped Distribution Sector Scheme. Adani Energy, which has a 17% market share in the smart meter segment, sees a Rs 30,000 crore revenue opportunity.
“The acquisition is expected to deliver synergies through economies of scale, optimisation of operations and maintenance costs, and integration with the AESL’s broader energy and infrastructure,” Adani Energy Solutions said in the disclosure.
The company added that the proposed acquisition will strengthen its position as India’s largest smart metering platform, bringing the total capacity to over 4.7 crore smart meters.
Intellismart Infrastructure ownership and operations
IntelliSmart Infrastructure Private Limited is a joint venture of two state-owned entities – the National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Limited (EESL).
NIIF, established by the Government of India, is the country’s premier sovereign-linked alternative asset manager, managing roughly $4.9 billion in equity capital commitments. EESL is joint-venture of four public-sector undertakings, state-run power corporations under the Ministry of Power.
As for its businesses, IntelliSmart is primarily involved in the business of implementing the smart meter rollout program. The company’s portfolio includes the rollout of 2.22 crore smart meters in Uttar Pradesh, Assam, Gujarat, and Bihar. The company has ventured into smart gas metering with a pilot project in Assam.
Adani Energy share price
Adani Energy Solution’s stock closed at Rs 1,571, flat in the intra-day trade. In the last 5 trading sessions, the company’s share price has jumped over 7 percent.
In the last one month, Adani Energy’s stock has climbed over 17 percent, and in the past 1 year its stock has risen over 74 percent.