Mumbai, Nov. 5 -- The Competition Commission of India (CCI) has approved Adani Energy Solutions' proposal to acquire IntelliSmart Infrastructure, which provides advanced metering infrastructure for the electricity sector. The approval clears the proposed transaction involving the transfer of the target company's entire equity share capital.
Adani Energy Solutions is engaged in electricity transmission and distribution, as well as the deployment of advanced metering infrastructure in India. The company is part of the Adani Group, led by billionaire Gautam Adani, and operates across areas linked to the country's power infrastructure.
Under the proposed combination, Adani Energy Solutions will acquire 100 per cent of IntelliSmart Infrastructure's equity share capital from the National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services (EESL). The transaction was outlined by the fair trade regulator in a statement announcing its approval.
IntelliSmart Infrastructure is involved in providing advanced metering infrastructure for electricity utilities in India. Its activities also include the deployment of certain smart gas meters, giving the company operations across both electricity metering and selected gas-metering applications.
Advanced metering infrastructure is used to support the monitoring and management of energy consumption and can form part of wider modernisation efforts in the power distribution sector. The acquisition will bring IntelliSmart's metering activities under Adani Energy Solutions, which already operates in electricity transmission, distribution and related infrastructure deployment.
The CCI's approval addresses the competition review required for the acquisition. The transaction remains subject to the completion of other applicable steps, if any, under the parties' proposed arrangement.
Published by HT Digital Content Services with permission from Construction World.