India, June 9 -- 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 ...