Power transmission and distribution company Adani Energy Solutions Ltd is poised to acquire IntelliSmart Infrastructure Pvt. Ltd, the smart-metering joint venture between the National Investment and Infrastructure Fund (NIIF) and state-run Energy Efficiency Services Ltd (EESL), for ₹3,050 crore.
The Adani Group company said in a statement on Tuesday that it had executed a binding securities purchase and subscription agreement to acquire a 100% equity stake in IntelliSmart and to redeem its optionally convertible debentures held by NIIF.
The acquisition would further cement AESL's position as the country's largest smart-metering platform, taking its total portfolio to more than 47 million smart meters.
"Acquisition of IntelliSmart enhances our scale and execution capabilities, enables us to support India’s power distribution modernization through technology-led solutions,” said Kandarp Patel, chief executive, Adani Energy Solutions.
Mint reported on 29 December 2025 that EESL has appointed Deloitte to sell IntelliSmart amid piling debt.
Pole position
The transaction would rank among the largest deals in India's fast-growing smart-metering sector. IntelliSmart is a key participant in the country's $30-billion smart-metering programme—the world's largest—which aims to replace 250 million conventional electricity meters with smart ones.
Established in 2019, it has a portfolio of more than 22 million smart meters across Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar and Assam.
Anil Rawal, MD & CEO of IntelliSmart, said the development is expected to catalyze further investments and accelerate the digitalization of the power-distribution sector.
“EESL has been committed to enabling energy efficiency and digital transformation across India’s power sector. We are proud of IntelliSmart’s contribution to the smart metering ecosystem and believe this transaction will further strengthen its ability to serve DISCOMs and consumers at scale,” said Akhilesh Dixit, CEO, EESL.
EESL has a 49% equity stake in IntelliSmart, while NIIF has a 51% stake. EESL is owned by public sector Maharatnas NTPC Ltd, Power Grid Corp. Ltd (PGCIL), Power Finance Corp. (PFC) and REC Ltd.
"For NIIF, this transaction marks an important milestone in our infrastructure strategy and reinforces our commitment to building industry-leading platforms in India. As IntelliSmart enters its next phase of growth, this exit enables us to unlock value while continuing to catalyze institutional capital into India’s digital and energy transition,” said Vinod Giri, managing partner, NIIF.
Cyril Amarchand Mangaldas acted as legal advisor to AESL for this transaction; Talwar Thakore & Associates acted as legal advisor to the sellers; and Deloitte Touche Tohmatsu India acted as exclusive transaction advisor to the sellers.
Lucrative market
Smart meters are digital devices that provide real-time consumption data, enabling utilities and consumers to monitor and manage energy usage more effectively. They can improve operational efficiency, reduce technical and commercial losses, and boost the financial performance of power distribution companies.
Of the planned 250 million meters to be installed in the country, 224 million have been sanctioned, while 49 million have been installed.
Attracted by the potential of the country's smart-meter market, Tata Power and GMR Group have also entered the space.
Several global private equity funds and sovereign wealth funds have also invested in this space, including General Atlantic-owned Actis LLP, which has invested $200 million in a joint venture with EDF India, and Singapore’s GIC, which has invested ₹519 crore in Jaipur-based Genus Power Infrastructures.
Also, New York-based I Squared Capital has invested $100 million for a controlling stake in Polaris Smart Metering.
