Liquidity Events
Adani, GMR, 2 others shortlisted for $400-M smart meter firm IntelliSmart deal
Four bidders are shortlisted for the sale of Gurugram-based smart meter platform IntelliSmart Infrastructure . The transaction is expected to value the company at approximately $400-M. The shortlisted bidders include an entity from the Adani Group, GMR Smart Electricity Distribution, Genus Power Infrastructures backed by GIC and the Swiss firm Partners Group. The bidders have commenced due diligence. Binding bids are expected to be in by the middle of June.Founded in 2019, IntelliSmart is jointly owned by the National Investment and Infrastructure Fund (NIIF), which holds a 51% stake, and Energy Efficiency Services (EESL), which holds the remaining 49%. The company has secured orders for nearly 22 million smart meters from state utilities across India and has installed units in Assam and Uttar Pradesh.IntelliSmart had previously attracted nearly 10 initial bids before narrowing the field to the current shortlisted entities.
For FY25, IntelliSmart had reported about INR 541 Cr in Operating Income and about INR 99 Cr in PAT.
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