Adani Energy Solutions (AESL) has signed a binding securities purchase and subscription agreement to acquire 100% of the equity in smart metering company IntelliSmart Infrastructure.

IntelliSmart is a joint venture between the National Investment and Infrastructure Fund and Energy Efficiency Services with a portfolio of more than 22 million meters deployed across Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar, and Assam.

The transaction is valued at ₹30.5 billion (~$319.28 million).

The deal also includes the redemption of optionally convertible debentures held by the National Investment and Infrastructure Fund.

Cyril Amarchand Mangaldas acted as legal advisor to AESL for this transaction; Talwar Thakore & Associates acted as legal advisors to the Sellers; and Deloitte Touche Tohmatsu India acted as exclusive Transaction Advisors to the Sellers.

The transaction is subject to regulatory and other customary approvals.

The acquisition would expand Adani Energy Solutions’ smart metering platform to more than 47 million meters. As of February, AESL had a mandate to install approximately 25 million smart meters nationwide.

AESL said the acquisition is expected to achieve economies of scale, optimize operations and maintenance costs, and integrate with its broader energy and infrastructure platform.

The company operates across power transmission, distribution, smart metering, and cooling solutions.

AESL has a presence across 16 Indian states, with a transmission network of 27,949 circuit kilometers and 123,175 megavolt-amperes of transformation capacity. Its distribution business serves more than 13 million consumers in metropolitan Mumbai and the Mundra Special Economic Zone.

The company said it has a smart metering order book of more than 24.6 million meters.

Cyril Amarchand Mangaldas acted as legal advisor to Adani Energy Solutions. Talwar Thakore & Associates advised the sellers, while Deloitte Touche Tohmatsu India acted as exclusive transaction advisor to the sellers.

As of December 31, 2025, the Ministry of Power reported that 52.8 million smart meters had been installed across the country under various programs, including 39.07 million under the Revamped Distribution Sector Scheme.

In March 2026, the Central Electricity Authority (CEA) proposed amending the Central Electricity Authority (Installation and Operation of Meters) Regulations, 2006, to mandate that all Advanced Metering Infrastructure systems include prepayment functionality and be interoperable with CEA guidelines.