Adani Energy Solutions on Friday said it has acquired IntelliSmart Infrastructure from National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Limited (EESL) for Rs 3,050 crore, a move that will boost the Adani Group entity’s presence in the smart metering space.
The Rs 3,050-crore transaction includes the acquisition of 100 per cent of IntelliSmart’s equity share capital and the redemption of IntelliSmart’s optionally convertible debentures held by NIIF.
IntelliSmart Infrastructure provides advanced metering infrastructure for electricity and deploys certain smart gas meters in the country. 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.
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 monitors unfair business practices and promotes fair competition in the marketplace. In June this year, Adani Energy Solutions announced that it has executed a binding securities purchase and subscription agreement to acquire a 100 per cent equity stake in IntelliSmart Infrastructure.
NIIF is India’s sovereign-anchored alternative asset manager, while EESL is a joint venture of leading public sector undertakings under the Ministry of Power.
Adani Energy Solutions Ltd (AESL) is involved in electricity transmission and distribution and the deployment of advanced metering infrastructure in the country. The firm is part of billionaire Gautam Adani-led Adani Group.