Adani Group Among Four Bidders Shortlisted for IntelliSmart Sale
Quick Look
- IntelliSmart Infrastructure, India's leading smart meter platform, is in the final stages of its sale process.
- An Adani Group entity is among four shortlisted bidders, with binding bids expected by mid-June.
- The transaction is anticipated to value IntelliSmart at approximately $400 million.
AI-generated summary
Why It Matters
IntelliSmart Infrastructure, a smart meter platform, is undergoing a sale process. An Adani Group entity is among four shortlisted bidders, with binding bids expected by mid-June and a valuation around $400 million. The company is jointly owned by NIIF and the financially stressed EESL.
India's leading smart meter platform IntelliSmart Infrastructure has entered the final leg of its sale process, with an Adani Group entity in the four-bidder shortlist for the next round of negotiations, multiple people aware of the development told ET.
The proposed transaction is expected to value IntelliSmart at an equity valuation of around $400 million (₹3,700 crore).
Adani Energy Solutions, GMR Smart Electricity Distribution, GIC-backed Genus Power Infrastructures and Swiss fund Partners Group have advanced to the second round of discussions, with binding bids expected by mid-June.
The shortlisted bidders have commenced due diligence, sources said.
IntelliSmart, jointly owned by National Investment and Infrastructure Fund (NIIF) and financially stressed Energy Efficiency Services (EESL), had attracted nearly 10 initial bids and 4-5 potential buyers were likely to be shortlisted for detailed due diligence, ET reported last month.
Emails sent to Adani, GMR, Genus Power, Partners Group and NIIF did not elicit any response till press time.
Founded in 2019, IntelliSmart has secured orders for nearly 22 million smart meters from state utilities across India. Of these, the company has installed around 600,000 smart meters in Assam and about 500,000 in Uttar Pradesh.
NIIF holds a 51% stake in IntelliSmart, while EESL owns the remaining 49%.
EESL-a joint venture of NTPC, Power Finance Corporation, Rural Electrification Corporation and Power Grid Corporation of India-had outstanding long-term borrowings of ₹6,045 crore as of March 31, 2025, compared with ₹7,070 crore a year earlier.
Adani Energy Solutions, India's leading private-sector transmission, distribution and smart metering company, recently said it has completed cumulative installations of 11.36 million smart meters. Its under-implementation pipeline stands at 24.6 million smart meters across 10 projects, with a revenue potential exceeding ₹29,500 crore.
As India's leading advanced metering infrastructure service provider (AMISP), Adani Energy Solutions has a mandate to deploy 25 million smart meters across five states.
Operational since January 2025, GMR's Uttar Pradesh smart metering initiative has secured three major orders worth ₹7,593 crore from UP discoms, involving the replacement of nearly 7.6 million conventional meters with smart meters.
Swiss fund Partners Group, along with a consortium of global funds own a controlling stake in German smart metering portfolio company Techem, which has valuation of $7.5 billion.
What to Watch
AI outlook — possibilities, not facts
Binding bids for IntelliSmart will be submitted by mid-June.
Very likely · Within days
IntelliSmart will be valued at approximately $400 million.
Likely · Short term
Open Questions
- Which bidder will ultimately acquire IntelliSmart?
- What will be the final valuation of IntelliSmart?
- What are the specific terms of the deal?
- What is the future strategy for IntelliSmart under new ownership?
