M&A

M&A

Adani, Actis, others in race to acquire Polaris Smart Metering

Economic Times  

The sale process for Jaipur-based Polaris Smart Metering has moved to a second round of negotiations, with four to five infrastructure majors currently shortlisted. Interested parties, including Adani Energy Solutions, Apraava Energy, and the investment firm Actis, have commenced due diligence on the transaction. Binding bids for the company are expected by early August. The potential transaction is estimated to value the company at approximately Rs.1,500-Cr.Polaris Smart Metering, which is owned by the infrastructure-focused asset manager I Squared Capital, provides smart electric and gas meters for residential, commercial, and industrial consumers. The company currently holds installation contracts in Uttar Pradesh and West Bengal.

Between Feb 2023 and Apr 2026, Polaris Smart Metering had attracted about $ 180 M from I Squared Capital, British International Investment .For FY25, Polaris Smart Metering had reported about INR 20 Cr in Operating Income and about INR 40 Cr in Net Loss.