Adani Energy Solutions Ltd (AESL) on Tuesday announced the acquisition of IntelliSmart Infrastructure Pvt Ltd, one of India's leading smart metering platforms, in a transaction valued at Rs 3,050 crore. With the acquisition, AESL is set to strengthen its position as India's largest smart metering platform, taking its total smart meter portfolio to more than 4.7 crore meters.
The company has executed a binding agreement to acquire a 100% equity stake in IntelliSmart, a smart metering joint venture between the National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Ltd (EESL). The deal remains subject to regulatory and customary approvals.