AESL, India’s top energy solutions provider, announced on Tuesday that it had executed a binding securities purchase and subscription agreement (SPSA) to purchase a 100% interest in IntelliSmart Infrastructure Private Limited, a smart metering company, for Rs 3,050 crore.
The acquisition, according to the company, will improve AESL‘s standing in the smart metering market and increase its total smart meter portfolio to more than 4. 7 crore meters, making it India’s largest smart metering platform.
According to AESL, the deal involves the purchase of all of IntelliSmart’s equity share capital and the redemption of NIIF’s optional convertible debentures.
Regulatory clearances and other customary closing conditions still apply to the completion of the transaction.
IntelliSmart is a major joint venture in smart metering owned by the Energy Efficiency Services Limited (EESL) and the National Investment and Infrastructure Fund (NIIF). It owns and manages a portfolio of over 2. 2 crore smart meters in Bihar, Assam, Gujarat, Madhya Pradesh, and Uttar Pradesh.
IntelliSmart’s footprint in a number of high-growth consumer segments, according to the company, is anticipated to serve as a solid basis for further growth.
According to Kandarp Patel, CEO of Adani Energy Solutions, “Acquisition of IntelliSmart enhances our scale and execution capabilities, allowing us to support India’s power distribution modernisation through technology-led solutions. ”
AESL stated that the purchase is in accordance with its plan to pursue value-accretive growth via both inorganic and organic means.
The business has projected that the transaction would produce operational synergies through economies of scale, optimization of operations and maintenance expenditures, and integration with its larger energy and infrastructure platform.
Anil Rawal, managing director and CEO of IntelliSmart, stated that the acquisition represents a major turning point for the firm and is anticipated to hasten India’s power distribution industry’s digitalization.
The fund’s capacity to develop and grow infrastructure firms in developing industries, according to Vinod Giri, Managing Partner at NIIF, is mirrored in IntelliSmart’s expansion into one of the nation’s top smart metering platforms.
He also said that the acquisition is a significant turning point in NIIF’s infrastructure investment plan and allows it to realize value while supporting India’s digital and energy change.
Akhilesh Dixit, CEO, EESL stated that the company is still committed to promoting digital transformation and energy efficiency throughout India’s power sector. He also added that the company feels the deal will further boost IntelliSmart’s capacity to serve power distribution firms and customers on a large scale.