Adani Energy Solutions Limited has signed a securities purchase and subscription agreement to acquire a 100 per cent equity stake in IntelliSmart Infrastructure for Rs 30.5 billion. IntelliSmart Infrastructure is a smart metering joint venture between the National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Limited.
According to the company, the acquisition will strengthen Adani Energy’s position as India’s largest smart metering platform, with a combined portfolio of more than 47 million smart meters. The proposed transaction includes the acquisition of the entire equity share capital of IntelliSmart as well as the redemption of optionally convertible debentures held by NIIF. Completion of the deal remains subject to regulatory and customary approvals.