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- Adani Acquires Intellismart For ₹3,050 Cr; Becomes Indias Largest Smart Meter Firm
Mumbai1 hour ago
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Adani Energy Solutions Limited (AESL) has purchased IntelliSmart Infrastructure Company. This deal has been done for a total of Rs 3,050 crore. Under this, AESL will get the entire 100% stake of Intellismart.
IntelliSmart is one of the leading smart metering companies in India. The company has more than 2.2 crore smart meters in UP, Gujarat, MP, Bihar and Assam. After this acquisition, the total number of smart meters of AESL will increase to more than 4.7 crore.
With this, AESL has become the largest smart meter company in the country. IntelliSmart is a joint venture between NIIF and EESL. The deal involves the acquisition of the entire equity. Along with this, Adani will also repay the entire outstanding loan of NIIF in this company.
AESL currently has more than 2.46 crore meters in its smart metering business.
At the same time, in AESL’s smart metering business, there is currently an order book of more than 2.46 crore meters. After the acquisition, the company will have a portfolio of 47 million smart meters and will further strengthen Adani Energy Solutions’ top position in India’s smart metering market.
Adani Energy Solutions says that after this acquisition it will have a portfolio of more than 4.7 crore smart meters. With this the company will become India’s largest smart metering platform. Smart meters play an important role in providing real-time electricity consumption information to electricity consumers, bringing transparency in billing and preventing electricity theft.
The central government is also rapidly moving forward with the plan to install smart meters across the country. In such a situation, this acquisition is being considered very strategic for the future.
Consumers will get accurate electricity bills: CEO
Adani Energy CEO Kandarp Patel said the acquisition of IntelliSmart will further strengthen the company’s capability and execution power. This will help in providing technology based solutions for modernization of India’s power distribution sector.
Also, by operating on a large scale, costs will be reduced and better efficiency will be achieved. With this, common consumers will get accurate electricity bills and the problem of wrong bills will end.
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