Adani Energy Solutions gets CCI approval for Rs 3,050-crore IntelliSmart acquisition

Adani Energy Solutions Ltd (AESL) has secured approval from the Competition Commission of India (CCI) to acquire a 100% stake in IntelliSmart Infrastructure Pvt Ltd in a Rs 3,050-crore transaction, paving the way for the Adani Group company to expand its presence in the smart metering business.

The fair trade regulator cleared the proposed acquisition on Friday, which involves AESL purchasing IntelliSmart's entire equity share capital from the National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Ltd (EESL).

"The Commission approves the acquisition of 100 per cent of the share capital of IntelliSmart Infrastructure Pvt Ltd by Adani Energy Solutions Ltd," the CCI said in a post on X.

Rs 3,050-crore deal covers equity acquisition, debenture redemption

The transaction, announced by AESL in June this year, is structured to include the purchase of IntelliSmart's entire equity share capital as well as the redemption of optionally convertible debentures held by NIIF.

AESL had said it executed a binding securities purchase and subscription agreement to acquire the company.

"The proposed combination envisages the acquisition of 100 per cent of the equity share capital of the target (IntelliSmart Infrastructure Pvt Ltd) by the acquirer (Adani Energy Solutions Ltd) from National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Ltd (EESL)," the regulator said in a statement.

Acquisition expands smart metering portfolio

IntelliSmart provides advanced metering infrastructure (AMI) solutions for electricity distribution and is also involved in deploying certain smart gas meters in India.

AESL operates across electricity transmission and distribution, besides deploying advanced metering infrastructure in the country. The acquisition will add IntelliSmart's smart metering operations to its existing energy infrastructure business.

NIIF is India's sovereign-anchored alternative asset manager, while EESL is a joint venture of leading public sector undertakings under the Ministry of Power.

Under India's competition framework, transactions meeting specified financial thresholds require prior approval from the CCI, which is responsible for preventing anti-competitive practices and promoting fair competition in the market.