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BackJSW, Gemstar & Actis vie for Polaris smart metering
JSW, Gemstar & Actis vie for Polaris smart metering
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Economic Times2 hours agoBusiness2 min readIndia

JSW, Gemstar & Actis vie for Polaris smart metering

polaris smart meteringactisjsw energy

Quick Look

Private equity firm Actis, JSW Energy and Gemstar Infra have completed due diligence and are poised to submit binding bids for Polaris Smart Metering by end-October, with the deal valued at ₹1,800-2,000 crore as I Squared Capital seeks to exit its ₹8,300-crore stake acquired in 2023.

AI-generated summary

Why It Matters

I Squared Capital invested $100 million in February 2023 to acquire a controlling stake in Polaris Smart Metering through its ISQ Growth Markets Infrastructure Fund. The company has secured major smart meter installation contracts in Uttar Pradesh (₹5,200 crore for 5.1 million meters) and West Bengal (2.2 million meters).

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Synopsis

As Polaris Smart Metering progresses to the next phase of its sale, several shortlisted bidders, such as Actis, JSW Energy, and Gemstar Infra, have wrapped up due diligence and are on the verge of submitting binding bids. The estimated value of this deal lies between ₹1,800 crore and ₹2,000 crore.

Mumbai: The sale process for Polaris Smart Metering has moved to its next stage, with private equity firm Actis, JSW Energy and Gemstar Infra shortlisted for the second round of negotiations, according to people familiar with the development.

The shortlisted bidders have completed due diligence, and binding bids are expected by the end of October. The deal may value Polaris Smart Metering at about ₹1,800-2,000 crore, the people said.

I Squared Capital, the $55 billion infrastructure-focused asset manager, is exploring an exit from its investment in the smart metering company, ET first reported in April. Boutique investment bank Impact Infracap is running the sale process.

The US-based asset manager had invested $100 million to acquire a controlling stake in Polaris Smart Metering through its ISQ Growth Markets Infrastructure Fund in February 2023.

Polaris Smart Metering, one of the leading smart metering players in India, has secured smart meter installation contracts in Uttar Pradesh and West Bengal. In Uttar Pradesh, it is executing a ₹5,200-crore contract with Madhyanchal Vidyut Vitran Nigam Limited to install 5.1 million smart meters across the Lucknow and Ayodhya clusters. In West Bengal, the company has won a contract for the installation of 2.2 million smart meters.

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ISQ Growth Markets Infrastructure Fund holds the majority stake in Polaris Smart Metering Private Limited, Singapore, while the remaining stake is held by Samunnati Pte. Limited, Singapore. Yashraj Khaitan holds 100% of the shares of Samunnati.

UK-based fund Actis is bidding through Bharat Grid, a joint venture formed last year with EDF India to operate a dedicated platform company for advanced metering infrastructure service provider concessions.

What to Watch

AI outlook — possibilities, not facts

  • Binding bids for Polaris Smart Metering will be submitted by end-October 2026

    Very likely · Within weeks

  • The deal will value Polaris Smart Metering between ₹1,800 crore and ₹2,000 crore

    Likely · Within weeks

Open Questions

  • Which bidder will win the Polaris Smart Metering auction?
  • What will be the final valuation of the deal?
  • How will the smart metering contracts in Uttar Pradesh and West Bengal be affected by ownership change?

Related Topics

polaris smart metering
PeopleYashraj Khaitan
OrganizationsPolaris Smart MeteringActisJSW EnergyGemstar Infra
PlacesMumbaiUttar PradeshWest BengalLucknow
Topicsactisjsw energygemstar infrai squared capitalsmart meteringindia
This article was originally published by Economic Times.

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