Mumbai, July 13 -- Adani Energy Solutions is among the companies which have reached the second round of negotiations in the race to purchase smart metering company Polaris Smart Metering, market sources said here on Monday.
The other companies in the race are Apraava Energy and private equity fund Actis. Due diligence scrutiny of Polaris Smart Metering is on and binding bids are expected by early August, sources said.
Presently, the controlling shareholder of Polaris Smart Metering is the US-based infrastructure fund I Squared Capital (via the ISQ Growth Markets Infrastructure Fund). Additionally, the UK's development finance institution, British International Investment (BII), holds a major financial stake through a recent Rs 7,100-milli...