Adani Energy Solutions Completes Rs 3,050 Crore IntelliSmart Deal
Adani Energy Solutions now owns all of smart meter company IntelliSmart after buying it from NIIF and EESL.
Key Takeaways
- Adani Energy Solutions completed its Rs 3,050 crore acquisition of IntelliSmart on November 12, 2026.
- It bought 100% of IntelliSmart's equity share capital from NIIF and EESL.
- The optionally convertible debentures of IntelliSmart held by NIIF were redeemed.
- IntelliSmart has a portfolio of more than 2.2 crore smart meters across five states.
- AESL said the deal would take its smart meter portfolio to more than 4.7 crore meters.
Table of Contents 6 sections
Adani Energy Solutions Ltd (AESL) has completed its Rs 3,050 crore acquisition of IntelliSmart Infrastructure Private Limited, a smart metering company. AESL bought 100% of IntelliSmart's equity share capital from the National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Limited (EESL).
The deal was completed on November 12, 2026, after approval from the Competition Commission of India (CCI), and AESL informed the stock exchanges in a filing on November 13, 2026. Along with the share purchase, the optionally convertible debentures of IntelliSmart held by NIIF have been redeemed.
Adani Energy Solutions' IntelliSmart deal at a glance
| Detail | Value |
|---|---|
| Buyer | Adani Energy Solutions Ltd (AESL) |
| Company bought | IntelliSmart Infrastructure Private Limited |
| Deal value | Rs 3,050 crore |
| Stake | 100% of the equity share capital |
| Sellers | NIIF and EESL |
| Debentures | Optionally convertible debentures held by NIIF redeemed |
| Approval | Competition Commission of India |
| Completed on | November 12, 2026 |
| Exchange filing | November 13, 2026 |
How IntelliSmart adds to Adani Energy Solutions' smart meter business
IntelliSmart was a smart metering joint venture of NIIF and EESL. It has a portfolio of more than 2.2 crore smart meters across five states: Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar and Assam. With the deal complete, AESL now owns the whole company.
AESL is part of the Adani Group and works in electricity transmission, distribution and smart metering. When it announced the deal, AESL said the acquisition would take its total smart meter portfolio to more than 4.7 crore meters.
The IntelliSmart deal from signing to completion
The deal was first announced on June 9, 2026, when AESL signed a securities purchase and subscription agreement to buy all of IntelliSmart's equity share capital. The agreement covered both the share purchase and the redemption of the debentures held by NIIF. The deal then needed approval from the Competition Commission of India before it could be completed, and AESL completed it on November 12, 2026.
| When | What happened |
|---|---|
| June 9, 2026 | AESL signed an agreement to buy 100% of IntelliSmart for Rs 3,050 crore |
| Before completion | The Competition Commission of India approved the deal |
| November 12, 2026 | AESL completed the acquisition |
| November 13, 2026 | AESL told the stock exchanges that the deal was complete |
What the Rs 3,050 crore covers
The Rs 3,050 crore deal has two parts. The first is the purchase of all of IntelliSmart's equity shares from NIIF and EESL. The second is the redemption of the optionally convertible debentures that NIIF held in IntelliSmart.
In its exchange filing, AESL said the equity acquisition had been completed and that the debentures held by NIIF had been redeemed. NIIF is an alternative asset manager backed by the Government of India, and EESL is a joint venture of public sector companies under the Ministry of Power.
Where Adani Energy Solutions stands after the IntelliSmart deal
AESL now owns all of IntelliSmart, which has a portfolio of more than 2.2 crore smart meters across five states. The company had said in June that the deal would take its smart meter portfolio to more than 4.7 crore meters. The Rs 3,050 crore acquisition was completed on November 12, 2026, about five months after the agreement was signed.
More news
Frequently Asked Questions
What did Adani Energy Solutions acquire?
How much did Adani Energy Solutions pay for IntelliSmart?
Who sold IntelliSmart to Adani Energy Solutions?
When did Adani Energy Solutions complete the IntelliSmart deal?
How did Adani Energy Solutions announce the completion?
What is IntelliSmart?
How many smart meters does IntelliSmart have?
How large will Adani Energy Solutions' smart meter portfolio be?
What happened to NIIF's debentures in IntelliSmart?
Which regulator approved the Adani Energy Solutions and IntelliSmart deal?
When did Adani Energy Solutions first agree to buy IntelliSmart?
What does Adani Energy Solutions do?
More in Business
Gem and Jewellery Exports Rise 34% to $2.92 Billion in October
India's gem and jewellery exports rose 34.01% to $2.92 billion in October 2026, GJEPC data shows.
SIAM Says Passenger Vehicle Sales Hit 5.19 Lakh in October
SIAM says passenger vehicle sales rose 12.4% to 5,19,060 units in October 2026, its best October.
Ashok Leyland Standalone Q2 Profit Up 12.7% to Rs 869.02 Crore
Ashok Leyland's standalone Q2 FY27 profit rose 12.7% to Rs 869.02 crore as revenue grew 39.4%.