I Squared Capital Explores Exit from Polaris Smart Metering at $200 Million Valuation
US-based infrastructure fund hires Impact Infracap to manage sale of smart metering company with contracts in Uttar Pradesh and West Bengal
En resumen
- I Squared Capital, a $55-billion infrastructure-focused asset manager, is exploring an exit from Polaris Smart Metering Pte, with the company valued at around $200 million.
- The US-based fund invested $150 million in February 2023 for a controlling majority stake through its ISQ Growth Markets Infrastructure Fund.
- Singapore-headquartered Polaris operates in India via Gomati Smart Metering and has secured contracts to install 5.1 million smart meters in Uttar Pradesh's Lucknow and Ayodhya clusters, and 2.2 million in West Bengal.
Resumen generado por IA
Por qué importa
I Squared Capital is a $55-billion infrastructure-focused asset manager. The smart metering sector in India has been growing rapidly under government initiatives for grid modernization and electricity distribution improvement. Polaris operates through its Indian unit Gomati Smart Metering and has significant contracts with state utilities.
Mumbai: I Squared Capital, the $55-billion infrastructure-focused asset manager, is exploring an exit from smart metering company Polaris Smart Metering Pte, said people familiar with the matter. The US-based fund has appointed boutique investment bank Impact Infracap to run the sale process. The potential deal could peg Polaris' enterprise value at around $200 million (₹1,892 crore), the people said. I Squared had committed an investment of $150 million in February 2023 for a controlling majority stake in Polaris through its ISQ Growth Markets Infrastructure Fund (ISQGMIF). Singapore-headquartered Polaris operates in India through wholly owned unit Gomati Smart Metering. The company has secured smart meter installation contracts in Uttar Pradesh and West Bengal. In Uttar Pradesh, Polaris is executing a contract with Madhyanchal Vidyut Vitran Nigam to install 5.1 million smart meters cross the Lucknow and Ayodhya clusters, according to its website. In West Bengal, it has won a contract for the installation of 2.2 million smart meters. Polaris Smart Metering had raised ₹710 crore in secured financing from British International Investment (BII) a fortnight ago.
Qué observar
Perspectiva de IA — posibilidades, no hechos
Sale process to attract interest from other infrastructure funds and strategic investors in the smart metering space
Probable · En meses
Transaction likely to complete within 6-12 months given current market conditions for infrastructure assets
Posible · En meses
Preguntas abiertas
- What percentage stake is I Squared selling?
- Who are the potential buyers for Polaris?
- Will the BII financing be repaid or assumed in the sale?
