Adani Energy buys IntelliSmart in Rs 3,050-cr deal, becomes India's largest smart metering platform

Adani Energy Solutions Ltd (AESL) has acquired IntelliSmart Infrastructure Pvt Ltd for Rs 3,050 crore, significantly expanding its smart metering platform to over 4.7 crore meters. This strategic move positions AESL as India's largest smart metering entity, bolstering its capabilities and supporting the modernization of the power distribution sector. Adani Energy Solutions Ltd (AESL) on Tuesday announced the acquisition of IntelliSmart Infrastructure Pvt Ltd, one of India's leading smart metering platforms, in a transaction valued at Rs 3,050 crore. With the acquisition, AESL is set to strengthen its position as India's largest smart metering platform, taking its total smart meter portfolio to more than 4.7 crore meters. The company has executed a binding agreement to acquire a 100% equity stake in IntelliSmart, a smart metering joint venture between the National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Ltd (EESL). The deal remains subject to regulatory and customary approvals. IntelliSmart is among the top three players in India's smart metering segment and owns and operates a portfolio of over 2.2 crore smart meters across Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar and Assam. The company has built a presence across several high-growth consumer markets, providing a platform for future expansion. Commenting on the acquisition, Kandarp Patel, Chief Executive Officer of Adani Energy Solutions, said the transaction would enhance the company's scale and execution capabilities while supporting the modernisation of India's power distribution sector through technology-led solutions. Anil Rawal, Managing Director and Chief Executive Officer of IntelliSmart, described the deal as a milestone transaction that has created value for stakeholders. He said the development is expected to encourage further investments and accelerate the digitalisation of the power distribution sector, which is increasingly emerging as a key driver of transformation across the country's power value chain. International brokerage Jefferies has reiterated its bullish stance on Adani Energy Solutions (AESL), saying the private-sector transmission player is likely to grow at more than twice the pace of larger state-owned rival Power Grid Corp over the next few years. The brokerage has maintained its 'Buy' rating on the stock with a target price of Rs 1,665, implying an upside potential of about 10% from current levels. Jefferies highlighted smart metering as a key growth driver for the company. AESL had installed 11.4 million smart meters by the end of FY26, a sharp increase from 3.1 million a year earlier. The company is currently executing smart metering projects worth Rs 29,500 crore, covering around 24.6 million meters. During FY26, AESL added 8.2 million smart meters, surpassing management's target of 7 million installations. The brokerage expects the pace of deployment to remain strong and has factored in installations reaching 11 million meters in its FY27-FY29 estimates. Jefferies' target price of Rs 1,665 is based on a valuation of 20 times FY28 EV/EBITDA, which represents a 14% discount to AESL's 10-year average valuation multiple. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)