Adani Energy Solutions to acquire IntelliSmart, one of India’s largest smart meter players

Ahmedabad, June 9, 2026: Adani Energy Solutions Limited (“AESL”), India’s largest private transmission company and one of India’s leading energy solutions providers, has executed a binding securities purchase and subscription agreement (“SPSA”) to acquire a 100% equity stake in IntelliSmart Infrastructure Private Limited, a leading smart metering JV between National Investment and Infrastructure Fund (“NIIF”) and Energy Efficiency Services Limited (“EESL”). The proposed acquisition will strengthen AESL’s position as India’s largest smart metering platform with over 4.7+ crore smart meters.

The proposed INR 3,050 crore transaction includes acquisition of the 100% of the equity share capital of IntelliSmart and redemption of the optionally convertible debentures of IntelliSmart held by NIIF. The transaction closing is subject to regulatory and other customary approvals.

IntelliSmart is one of India’s leading owners and operators of smart meter assets, with a total portfolio of 2.2+ crore meters across Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar and Assam. IntelliSmart’s presence across high-growth consumer markets provides a strong runway for future expansion.

“Acquisition of IntelliSmart enhances our scale and execution capabilities, enables us to support India’s power distribution modernization through technology-led solutions,” Kandarp Patel, CEO, Adani Energy Solutions, said.

The acquisition is in line with AESL’s strategy to pursue value-accretive growth through both organic and inorganic opportunities. The acquisition is expected to deliver synergies through economies of scale, optimisation of operations and maintenance costs, and integration with AESL’s broader energy and infrastructure platform.

“IntelliSmart is proud to be part of this milestone transaction, which has created value for its stakeholders.” said Anil Rawal, MD & CEO, IntelliSmart. “This achievement is expected to catalyze further investments and accelerate the digitalization of the power distribution sector, which is already emerging as a key driver of transformation across the country’s entire power value chain.”

“IntelliSmart’s evolution into one of the country’s leading smart metering platforms reflects NIIF’s ability to build and scale infrastructure businesses in emerging sectors of national importance.” said Vinod Giri, Managing Partner, NIIF. “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 catalyse institutional capital into India’s digital and energy transition.”

“EESL has been committed to enabling energy efficiency and digital transformation across India’s power sector,” said Akhilesh Dixit, CEO, EESL “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.”

Cyril Amarchand Mangaldas acted as legal advisor to AESL for this transaction, Talwar Thakore & Associates acted as legal advisors to the Sellers, while Deloitte Touche Tohmatsu India acted as exclusive Transaction Advisors to the Sellers.