Adani Energy’s 3,050 Crore Rupee Deal to Acquire IntelliSmart Wins Indian Approval
Key Facts
The Competition Commission of India approved Adani Energy Solutions’ acquisition of the share capital of IntelliSmart Infrastructure on October 30, 2026, clearing the way for a deal valued at 3,050 crore Indian rupees. The transaction includes the purchase of 100% of IntelliSmart’s share capital, as well as the redemption of optionally convertible bonds held by the National Investment and Infrastructure Fund, according to Adani’s announcement when it proposed the deal in June. The National Investment and Infrastructure Fund and Energy Efficiency Services are selling the entire target share capital to Adani Energy Solutions, according to The Economic Times. The approval combines a transfer of ownership with the settlement of an existing financing instrument, making the deal broader in scope than a purchase of shareholders’ stakes alone. Regulatory approval was the latest announced step in the transaction process after the proposal was announced in June.
Adani aims to expand its electricity smart-metering business by adding IntelliSmart’s portfolio, which the company said had exceeded 2.2 crore meters across five states. Adani said the combined platform would comprise more than 4.7 crore meters after the deal closes, supporting its goal of becoming India’s largest smart-meter platform. The states covered by IntelliSmart’s portfolio are Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar and Assam. Adani had said its existing portfolio exceeded 13.44 million cumulative installations in the first quarter of fiscal 2026-27, when it announced the proposed acquisition. The deal gives the company a broader operating base in a market where meters are being deployed at scale.
IntelliSmart provides advanced metering infrastructure solutions to electricity distribution companies and is also involved in deploying some smart gas meters in India, according to The Economic Times. These activities broaden the deal beyond meter supply to include distribution-related metering services and deployment of the required technical infrastructure. The chief executive of Adani Energy Solutions said the acquisition “strengthens our scale and execution capabilities, enabling us to support the modernisation of electricity distribution in India with technology-led solutions.” The statement frames the expansion as part of modernising distribution networks, a task that requires meters to be installed, operated and maintained. The company is also counting on integrating IntelliSmart’s business into its broader energy and infrastructure platform.
Data from Crisil shows that the contracted volume exceeds the number of meters installed so far: IntelliSmart had contracted to install and maintain about 2.28 crore meters across five states and nine projects. As of December 31, 2025, about 70 lakh meters had been installed, equivalent to 30% of the total contracted meters. The gap between the contracted volume and completed installations puts the pace of deployment and maintenance among the main challenges for expansion after the acquisition. Crisil said installation of the remaining meters was expected over the two years following its report issued in June 2026. The value of the targeted platform therefore depends on Adani and IntelliSmart converting existing contracts into operational installations within the expected timelines.
Crisil estimated the remaining capital expenditure at about 55 billion Indian rupees and said it would be funded through an appropriate mix of debt and equity. These financing requirements add a significant consideration to the announced deal cost, as installing the remaining meters will require substantial capital spending during implementation. Adani, in turn, expects to achieve economies of scale, improve operations and maintenance costs, and integrate IntelliSmart with its broader energy and infrastructure platform. The company said the acquisition “is expected to generate synergies through economies of scale, improved operations and maintenance costs, and integration with Adani Energy Solutions’ broader energy and infrastructure platform.” Through its RDSS programme, the Indian government aims to reduce aggregate technical and commercial losses to a range of 12–15% nationwide, as part of efforts to improve the efficiency and financial sustainability of distribution utilities.
The deal comes in a market where India’s smart-meter programmes have expanded rapidly. The Ministry of Power said the total number of meters installed across various programmes reached 6.13 crore as of March 30, 2026, while the value of smart-metering projects approved under the RDSS programme reached 1.31 lakh crore rupees. The ministry had reported 5.28 crore meters as of December 31, 2025, including 3.90 crore under RDSS. The increase in the total between the two dates reflects continued deployments across multiple programmes, while the deal gives Adani a larger share of contracts and operating experience in the sector. According to a Crisil estimate issued on June 18, 2026, the acquisition was expected to close within the following two to three months, with funding from a mix of debt and equity and subject to regulatory approvals. Following the Competition Commission’s approval, completion of the deal and execution of the installation programme remain among the steps tied to expanding the platform.