Adani Energy Solutions Limited has signed a binding securities purchase and subscription agreement to acquire a 100% stake in IntelliSmart Infrastructure Private Limited, one of India's largest smart metering platforms, from its shareholders National Investment and Infrastructure Fund and Energy Efficiency Services Limited.

The proposed transaction, valued at Rs 3,050 crore, includes the acquisition of IntelliSmart's entire equity share capital as well as the redemption of optionally convertible debentures held by NIIF. The deal remains subject to regulatory and customary approvals.

With IntelliSmart's portfolio of over 2.2 crore smart meters across Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar and Assam, the acquisition will expand Adani Energy Solutions' smart metering portfolio to more than 4.7 crore meters, reinforcing its position as India's largest smart metering platform.

The company said the acquisition will enhance its scale and execution capabilities while supporting the modernization of India's power distribution sector through technology-driven solutions. Adani Energy Solutions expects to benefit from operational synergies, economies of scale, and integration with its broader energy infrastructure platform.

IntelliSmart, a joint venture between NIIF and EESL, has emerged as a leading smart meter owner and operator in India. The transaction also marks a significant value-creation milestone for NIIF, while EESL highlighted the deal's potential to accelerate digital transformation in the country's power distribution ecosystem.