I Squared Cap to exit Polaris Smart Metering

Mumbai: I Squared Capital, the $55-billion infrastructure-focused asset manager, is exploring an exit from smart metering company Polaris Smart Metering Pte, said people familiar with the matter.

The US-based fund has appointed boutique investment bank Impact Infracap to run the sale process. The potential deal could peg Polaris' enterprise value at around $200 million (₹1,892 crore), the people said.

I Squared had committed an investment of $150 million in February 2023 for a controlling majority stake in Polaris through its ISQ Growth Markets Infrastructure Fund (ISQGMIF).


Singapore-headquartered Polaris operates in India through wholly owned unit Gomati Smart Metering. The company has secured smart meter installation contracts in Uttar Pradesh and West Bengal. In Uttar Pradesh, Polaris is executing a contract with Madhyanchal Vidyut Vitran Nigam to install 5.1 million smart meters cross the Lucknow and Ayodhya clusters, according to its website. In West Bengal, it has won a contract for the installation of 2.2 million smart meters.

Polaris Smart Metering had raised ₹710 crore in secured financing from British International Investment (BII) a fortnight ago.