Cyril Amarchand Mangaldas has advised Adani Energy Solutions on its acquisition of 100% equity share capital in smart-metering specialist IntelliSmart Infrastructure for INR 3,050 crore. Talwar Thakore & Associates guided IntelliSmart on this transaction.
This acquisition marks a strategic bet to lead digital transformation in India’s power distribution sector.
“The proposed INR 3,050 crore transaction includes the acquisition of the 100% of the equity share capital of IntelliSmart and redemption of the optionally convertible debentures of IntelliSmart held by NIIF. The transaction closing is subject to regulatory and other customary approvals,” Adani Energy said in a press statement.
The acquisition, subject to customary and regulatory clearances, will see Adani Energy Solutions buy out all equity and redeem optionally convertible debentures held by the National Investment and Infrastructure Fund. IntelliSmart is currently a JV between NIIF and Energy Efficiency Services Limited.
With the acquisition, Adani expands its smart metering footprint dramatically — bringing its combined deployment and order book to over 4.7 crore meters across key states including Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar and Assam. IntelliSmart’s existing base of more than 2.2 crore meters will be integrated into the group’s platform.
