Ahmedabad, June 9 (IANS). Energy sector giant Adani Energy Solutions Limited (AESL) on Tuesday signed a Security Purchase and Subscription Agreement (SPSA) to buy 100 percent stake in smartmeter company IntelliSmart. The value of this transaction is Rs 3,050 crore.
In a statement issued by the company, it was said that this proposed acquisition will strengthen AESL’s position in the smart meter segment and will increase the size of the company’s total smart meter portfolio to more than 4.7 crore meters.
AESL said the deal includes purchase of the entire equity share capital of IntelliSmart and redemption of optionally convertible debentures held by NIIF.
The deal is subject to regulatory approvals and fulfillment of other customary closing conditions.
IntelliSmart is a major joint venture for smart metering between National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Limited (EESL). It owns and operates a portfolio of more than 22 million smart meters in Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar and Assam.
The company said IntelliSmart’s presence in multiple fast-growing consumer markets is expected to provide a strong platform for future expansion.
“The acquisition of IntelliSmart expands our scope and capabilities, enabling us to help modernize India’s power distribution through technology-based solutions,” said Kandarp Patel, CEO, AESL.
AESL said the acquisition is in line with its strategy to achieve value-adding growth through both organic and inorganic opportunities.
The company expects the transaction to deliver operational efficiencies through benefits of scale, improved operations and maintenance costs, and integration with its broader energy and infrastructure platform.
Anil Rawal, Managing Director and CEO of IntelliSmart, said that this deal is an important milestone for the company and is expected to accelerate digitalization in India’s power distribution sector.
Vinod Giri, Managing Partner, NIIF, said IntelliSmart’s growth as one of the leading smart metering platforms in the country showcases the fund’s ability to build infrastructure businesses in emerging sectors and take them to scale.
He further said that the deal marks an important milestone in NIIF’s infrastructure investment strategy and enables it to continue unlocking value as well as helping India’s digital and energy transition.
EESL CEO Akhilesh Dixit said that the company is committed to advancing energy efficiency and digital transformation in India’s power sector. The deal will further strengthen IntelliSmart’s ability to serve power distribution companies and consumers at scale.
–IANS
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