The sale process of India’s leading smart meter company IntelliSmart Infrastructure has now reached the final stage. According to media reports, in this race, four bidders including a company of Adani Group have been shortlisted for the next round of talks.
Business News: A major corporate deal appears to be taking shape in India’s booming smart energy market. The race to buy IntelliSmart Infrastructure, a leading company that installs smart electricity meters across the country, has now reached the final stage. Four big companies including Adani Energy Solutions have been shortlisted in this race.
According to media reports, the equity valuation of IntelliSmart in the proposed deal is being estimated at around $400 million i.e. around ₹3,770 crore. If this deal is completed, it could prove to be one of the most significant acquisitions in India’s smart meter and energy distribution sector.
Four big companies reached the final round
Four major companies have entered the second phase of talks to acquire IntelliSmart Infrastructure. These include big companies in the energy, infrastructure and investment sectors. The shortlisted companies are as follows:
- Adani Energy Solutions
- GMR Smart Electricity Distribution
- Genus Power Infrastructures
- Partners Group
According to sources, these companies have started the due diligence process, in which a detailed investigation of the company’s financial position, legal matters and business prospects is being done. Final and binding bids are likely to be submitted by mid-June.
Rapidly increasing competition in smart meter market
The Government of India is promoting smart metering on a large scale to make the electricity distribution system more transparent and digital. For this reason the demand for smart meter companies has increased rapidly. IntelliSmart Infrastructure was established in the year 2019 and since then the company has been expanding rapidly in many states across the country. The company has received orders from various electricity distribution companies (DISCOMs) to install approximately 2.2 crore smart meters.
Till now the company has installed about 6 lakh smart meters in Assam and about 5 lakh smart meters in Uttar Pradesh. Smart metering is expected to be one of the biggest digital transformation projects in India’s energy sector in the coming years.
IntelliSmart is a joint venture between NIIF and EESL.
IntelliSmart is currently a joint venture between National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Limited (EESL). NIIF holds 51 percent stake in the company, while EESL holds 49 percent. EESL itself is a joint venture between four major public sector energy companies of India:
- NTPC Limited
- Power Finance Corporation
- Rural Electrification Corporation
- Power Grid Corporation of India
According to reports, the decision to sell stake in IntelliSmart is being considered as part of the strategy to reduce the increasing financial pressure on EESL. EESL had long-term debt of about ₹6,045 crore as of March 31, 2025. In such a situation, the company is considering stake sale to restructure its assets and strengthen its financial position.
Experts believe that if Adani Group is successful in this acquisition, the group’s hold in energy distribution and smart grid technology can be further strengthened.
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