Adani Energy to buy IntelliSmart for ₹3,050 crore, doubles down on smart metering

Adani Energy Solutions Ltd (AESL), India's largest private transmission company, has signed a definitive agreement to acquire IntelliSmart Infrastructure Pvt Ltd, one of India's largest smart metering companies, in a transaction valued at ₹3,050 crore, marking one of the biggest consolidation moves in the country's rapidly expanding smart meter market.

The proposed acquisition will give AESL ownership of IntelliSmart's portfolio of over 2.2 crore smart meters and propel the Adani Group company into the position of India's largest smart metering platform, with a combined portfolio exceeding 4.7 crore meters. The transaction is subject to regulatory and customary approvals.

Smart metering footprint expands sharply

IntelliSmart, a joint venture between the National Investment and Infrastructure Fund (NIIF) and state-run Energy Efficiency Services Ltd (EESL), operates smart metering assets across Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar and Assam. The company is among the top three players in India's smart metering segment and has emerged as a key beneficiary of the Centre's push to digitise electricity distribution networks.

The acquisition comes as India accelerates the rollout of smart prepaid meters under the Revamped Distribution Sector Scheme (RDSS), aimed at reducing aggregate technical and commercial losses, improving billing efficiency and strengthening the financial health of state-owned distribution companies.

Commenting on the acquisition, Kandarp Patel, CEO of Adani Energy Solutions, said the transaction would significantly strengthen the company's capabilities in a segment expected to play a critical role in modernising India's power distribution ecosystem.

"Acquisition of IntelliSmart enhances our scale and execution capabilities and enables us to support India's power distribution modernisation through technology-led solutions," Patel said.

Bet on India's power distribution overhaul

For AESL, the transaction represents a strategic expansion beyond its core transmission and distribution businesses. The company currently operates transmission assets across 16 states and has been aggressively building its smart metering presence. Prior to the acquisition, AESL had an order book of more than 2.46 crore smart meters.

The company expects the deal to generate synergies through economies of scale, optimisation of operations and maintenance costs, and integration with its broader energy and infrastructure platform. The acquisition also significantly strengthens AESL's presence in some of India's largest and fastest-growing electricity markets.

Smart metering is increasingly emerging as a key pillar of India's power sector reforms, helping utilities improve billing efficiency, curb losses and enable data-driven management of electricity networks.

NIIF marks a significant infrastructure exit

For IntelliSmart, the transaction marks the culmination of a growth journey that saw the company emerge as one of India's largest smart metering platforms with a portfolio of more than 2.2 crore meters across five states.

"IntelliSmart is proud to be part of this milestone transaction, which has created value for its stakeholders," said Anil Rawal, managing director and CEO of IntelliSmart. "This achievement is expected to catalyse further investments and accelerate the digitalisation of the power distribution sector, which is increasingly emerging as a key driver of transformation across India's power value chain."

The deal also marks a significant exit for NIIF, which helped scale IntelliSmart into one of India's largest smart metering platforms. Vinod Giri, managing partner at NIIF, said the transaction reflects the fund's strategy of building and scaling infrastructure businesses in emerging sectors before unlocking value through strategic exits.

"For NIIF, this transaction marks an important milestone in our infrastructure strategy and reinforces our commitment to building industry-leading platforms in India," Giri said. "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."

With smart metering emerging as a critical pillar of India's energy transition and power sector reforms, the acquisition highlights the growing strategic importance of digital infrastructure in improving the efficiency, transparency and financial sustainability of the country's electricity distribution network.