Actis, JSW, Gemstar shortlisted for Polaris Smart Metering acquisition

The sale process for Jaipur-based Polaris Smart Metering has advanced to its second round of negotiations, with JSW Energy, Gemstar Infra, and private equity firm Actis shortlisted as bidders. Actis is bidding for the company through Bharat Grid, a joint venture formed with EDF India to operate a platform for advanced metering infrastructure service providers.These companies have completed due diligence, and binding bids are expected by the end of October. The transaction may value the company at about INR 1,800-Cr to INR 2,000-Cr. Boutique investment bank Impact Infracap is managing the sale process.Polaris provides smart metering solutions. In February 2023, the US-based infrastructure asset manager I Squared Capital invested USD 100-M to acquire a controlling stake in the company through its ISQ Growth Markets Infrastructure Fund. The remaining stake is held by Samunnati, a firm owned by Yashraj Khaitan.The company has secured smart meter installation contracts in Uttar Pradesh and West Bengal. In Uttar Pradesh, it is executing an INR 5,200-Cr contract with Madhyanchal Vidyut Vitran Nigam for the installation of 5.1 million metres across the Lucknow and Ayodhya clusters, and it holds a contract for 2.2 million metres in West Bengal.