Adani Energy Solutions Ltd (AESL) has entered into a definitive agreement to acquire IntelliSmart Infrastructure in a transaction valued at Rs 3,050 crore, marking a significant expansion of its presence in India’s smart metering market.
With the proposed acquisition, AESL’s cumulative smart meter portfolio will exceed 4.7 crore units, positioning the company as the largest smart metering service provider in the country. The transaction involves the acquisition of the entire equity stake in IntelliSmart, along with the redemption of optionally convertible debentures held by the National Investment and Infrastructure Fund (NIIF).
Established in 2019, IntelliSmart Infrastructure is a joint venture supported by NIIF and Energy Efficiency Services Ltd (EESL). The company currently manages and operates more than 2.2 crore smart meters across key states, including Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar and Assam.
The company has demonstrated strong business growth over the past three years. Its revenue increased substantially to Rs 621.3 crore in FY25, compared with Rs 243.5 crore in FY24 and Rs 85 crore in FY23, reflecting the growing adoption of smart metering solutions across the country.
The acquisition is expected to strengthen AESL’s execution capabilities, enhance operational efficiencies and create synergies across its expanding metering business. The move also supports the broader objective of modernising India’s power distribution infrastructure through digital and technology-enabled solutions.
The transaction remains subject to customary regulatory approvals, including clearance from the Competition Commission of India (CCI), and is anticipated to be completed within the next 180 days. The acquisition forms part of AESL’s broader growth strategy, combining organic expansion with strategic investments to strengthen its position in the evolving utility infrastructure sector.