Adani Energy Solutions Ltd has agreed to buy IntelliSmart Infrastructure Pvt Ltd from the government-backed National Investment and Infrastructure Fund (NIIF) and state-owned Energy Efficiency Services Ltd (EESL) for Rs 3,050 crore ($319 million), in a deal that would make it India’s largest smart metering platform.
The transaction includes the purchase of 100% of the equity shares of Intellismart and redemption of the optionally convertible debentures held by NIIF, Adani Energy said in a stock-exchange filing. Closing is subject to regulatory and customary approvals, the Adani Group’s transmission and distribution arm said.
The announcement comes a month after VCCircle first reported in May that Adani Group was among the shortlisted bidders for IntelliSmart. However, the deal value is lower than the valuation that NIIF and EESL were targeting; VCCircle reported in December 2025 that the two partners were aiming for up to $500 million.
IntelliSmart, set up in 2019, owns and operates more than 2.2 crore smart meters across Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar and Assam. The acquisition will lift Adani Energy’s smart meter portfolio to over 4.7 crore meters.
“The acquisition of IntelliSmart enhances our scale and execution capabilities, enables us to support India's power distribution modernisation through technology-led solutions," Kandarp Patel, chief executive of Adani Energy Solutions, said in a statement.
Adani Energy said the deal aligns with its strategy of value-accretive growth through organic and inorganic routes, and that it expects to derive synergies through economies of scale, lower operations and maintenance costs, and integration with its broader energy and infrastructure platform.
Sale process
The sale process for IntelliSmart was launched towards the end of 2025, with the investment banking arm of Deloitte in India managing the transaction.
VCCircle reported last month that at least four parties had been shortlisted as potential bidders: private equity firm KKR, infrastructure conglomerates GMR Group and Adani Group, and Gemstar Infra Pte Ltd — the smart metering platform set up by Singapore sovereign wealth fund GIC and Genus Power Infrastructures. Other media reports subsequently said Swiss PE firm Partners Group had also made the shortlist.
The process had attracted initial interest from several other investors, including Actis and I Squared Capital-backed Polaris Smart Metering, VCCircle had reported.
NIIF's exit
For NIIF, the transaction represents a full exit from a platform it co-founded seven years ago. NIIF held a 51% stake in IntelliSmart while EESL held 49%.
NIIF had contributed around Rs 346 crore as equity capital into IntelliSmart as of March 2025, VCCircle reported earlier. In addition, NIIF injected Rs 585 crore into IntelliSmart through optionally convertible debentures between March and June 2025, VCCircle previously reported citing regulatory filings.
EESL, a joint venture of NTPC, Power Finance Corporation, REC Ltd and Power Grid Corporation of India, had contributed around Rs 332 crore in equity capital as of March 2025. EESL had not made a matching contribution to NIIF's infusion via debentures.
Despite being profitable, IntelliSmart required additional capital for expansion. A recent credit rating report had flagged an equity requirement of Rs 1,036 crore for projects under implementation, with the bulk of the need falling in 2026.
IntelliSmart deploys meters under a build-own-operate-transfer model, earning a monthly service charge from power distribution companies over the concession period.
NIIF has been actively monetising assets over the past year. In February 2025, it, alongside British International Investment and Eversource Capital, agreed to sell green energy platform Ayana Renewable Power to ONGC NTPC Green Pvt Ltd in a deal valued at Rs 19,500 crore.
In June 2025, it sold two highway assets in Jammu and Kashmir — Quazigund Expressway Pvt Ltd and Athaang Jammu Udhampur Highway Pvt Ltd — to Cube Highways Trust for Rs 4,185 crore.
