Adani Energy Makes Big Push Into Smart Metering With IntelliSmart Acquisition

Adani Energy Solutions on Friday announced the acquisition of IntelliSmart Infrastructure for Rs 3,050 crore from the National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Limited (EESL). The deal marks a significant expansion of the Adani Group company's footprint in India's smart metering business, strengthening its presence in the country's growing digital power infrastructure market.

The acquisition is expected to enhance Adani Energy Solutions' smart metering portfolio and expand its role in the deployment of advanced metering infrastructure across India. The transaction also underscores the growing interest of private sector players in India's smart meter rollout, which is aimed at improving power distribution efficiency, reducing losses and strengthening revenue collection for electricity distribution companies (DISCOMs).

In an exchange filing, Adani Energy Solutions Ltd (AESL) said it has completed the acquisition of 100 per cent of the equity share capital of IntelliSmart from NIIF and EESL, and the optionally convertible debentures of IntelliSmart held by NIIF have been redeemed.

Notably, on October 30, the fair trade regulator, the Competition Commission of India (CCI), approved Adani Energy Solutions' proposal to acquire IntelliSmart Infrastructure.

Deals beyond a certain threshold require approval from the regulator, which keeps a watch on unfair business…

Original source: https://www.timesnownews.com/business-economy