New Delhi: Adani Energy Solutions Limited (AESL) will acquire a 100 percent equity stake in Intellismart Infrastructure Private Limited for Rs 3,050 crore in cash, the company told the stock exchanges on Tuesday. AESL signed a securities purchase and subscription agreement (SPSA) on Tuesday with the National Investment and Infrastructure Fund (NIIF), Energy Efficiency Services Limited (EESL) and Intellismart, according to the filing.
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The deal covers the entire equity share capital of Intellismart and the redemption of optionally convertible debentures held by NIIF.
The transaction is valued at Rs 3,050 crore, subject to the terms of the SPSA, and will be funded entirely in cash. AESL is buying 100 percent of the company. The price tag values Intellismart at nearly five times its FY25 turnover of Rs 621.3 crore.
AESL said the deal would let it "significantly expand its presence in the smart metering AMISP segment," taking its cumulative installed and contracted smart meter portfolio past 4.7 crore meters.
The company expects synergies through economies of scale, lower operations and maintenance costs, and integration with its wider energy and infrastructure platform, the statement said.
Intellismart was incorporated in India and registered with the Registrar of Companies, New Delhi, on November 13, 2019. It procures, deploys and maintains smart meter infrastructure, working with stakeholders to implement the smart meter rollout programme.
The company's turnover has climbed steeply over three years, from Rs 85 crore in FY23 to Rs 243.5 crore in FY24 and Rs 621.3 crore in FY25. Its authorised share capital stands at Rs 1,000 crore and paid-up capital at Rs 678 crore.
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The deal requires anti-trust approval from the Competition Commission of India (CCI). It is expected to be completed within 180 days of signing the SPSA, or another date mutually agreed by the parties, said the company.