M&A

M&A

Adani Energy to acquire smart metering firm IntelliSmart for Rs.3,050-Cr

BSE Announcement   Business Line   IntelliSmart  

Publicly listed, Ahmedabad-based Adani Energy Solutions is to acquire a 100% equity stake in Gurugram-based IntelliSmart Infrastructure for INR 3,050 crore. The transaction involves the acquisition of the entire equity share capital of the company and the redemption of optionally convertible debentures held by the National Investment and Infrastructure Fund (NIIF).Founded in 2019, IntelliSmart is a smart metering joint venture backed by the NIIF and Energy Efficiency Services. The company owns and operates a portfolio of more than 2.2 crore smart meters across Assam, Bihar, Gujarat, Madhya Pradesh, and Uttar Pradesh.