New Delhi: Adani Energy Solutions Ltd (AESL) said on Friday that it had acquired IntelliSmart Infrastructure for Rs 3,050 crore. It bought the company from the National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Limited (EESL). The acquisition is set to expand the Adani Group company’s presence in the smart metering space.
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The Rs 3,050-crore paid for two things. The first was the purchase of IntelliSmart’s entire equity share capital. The second was the redemption of the optionally convertible debentures that NIIF held in the company.
AESL confirmed both steps in an exchange filing. The company said it had completed the acquisition of 100 percent of IntelliSmart’s equity share capital from NIIF and EESL. It added that the optionally convertible debentures held by NIIF had been redeemed.
IntelliSmart works mainly in advanced metering infrastructure for electricity. It also deploys certain smart gas meters in the country.
The deal began in June this year. That month, AESL announced that it had executed a binding securities purchase and subscription agreement to acquire a 100 percent equity stake in IntelliSmart.
The Competition Commission of India (CCI), the fair trade regulator, approved AESL’s proposal on October 30. Deals above a certain threshold need the regulator’s approval. The CCI watches for unfair business practices and works to promote fair competition in the marketplace.
NIIF is India’s sovereign-anchored alternative asset manager. The other seller, EESL, is a joint venture of leading public sector undertakings under the Ministry of Power.
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AESL is part of the Adani Group, which is led by billionaire Gautam Adani. The company works in electricity transmission and distribution. It also deploys advanced metering infrastructure across the country.
