Adani Energy Solutions on Tuesday announced the acquisition of a 100% equity stake in IntelliSmart Infrastructure Private Limited, a smart metering joint venture between National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Limited (EESL), for ₹3,050 crore.
The proposed ₹3,050 crore transaction includes acquisition of the 100% of the equity share capital of IntelliSmart and redemption of the optionally convertible debentures of IntelliSmart held by NIIF. The transaction closing is subject to regulatory and other customary approvals.
The acquisition will strengthen Adani Energy Solutions’ position as India’s largest smart metering platform with over 4.7+ crore smart meters, the company said.
It is expected to deliver synergies through economies of scale, optimisation of operations and maintenance costs, and integration with Adani Energy Solutions’ broader energy and infrastructure platform, it added.
“Acquisition of IntelliSmart enhances our scale and execution capabilities, enables us to support India’s power distribution modernization through technology-led solutions,” said Kandarp Patel, CEO, Adani Energy Solutions.
Cyril Amarchand Mangaldas acted as legal advisor to AESL for this transaction, Talwar Thakore & Associates acted as legal advisors to the Sellers, while Deloitte Touche Tohmatsu India acted as exclusive Transaction Advisors to the sellers.
Adani Energy Solutions Share Price Performance
Adani Energy Solutions share price has gained 16% in one month, and has rallied 60% in three months. The Adani Group stock has jumped 74% in one year, while it has surged 89% over the past three years. Over the past ten years, Adani Energy share price has delivered staggering multibagger returns of 4,595%.
At 1:40 PM, Adani Energy Solutions share price was trading 0.10% higher at ₹1,571.40 apiece on the BSE.
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