Adani Energy Solutions, GMR and two other firms have entered the final round of bidding for IntelliSmart Infrastructure.
The smart meter platform could be valued at around $400 million in the proposed deal.
The sale comes as India’s smart metering push gathers pace across states.
Who Will Win IntelliSmart’s $400 Mn Deal? Adani, GMR Enter Final Race
The proposed transaction could value the NIIF-EESL-backed smart meter platform at around $400 million, with binding bids expected by mid-June as competition intensifies among major infrastructure and energy players
Summary
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India’s smart meter platform IntelliSmart Infrastructure has entered the final stage of its sale process, with four bidders shortlisted for the next round of discussions, according to a report by The Economic Times.
The report said Adani Energy Solutions, GMR Smart Electricity Distribution, Genus Power Infrastructures and Swiss investment firm Partners Group have moved to the second round of negotiations.
The proposed transaction is expected to value IntelliSmart at around $400 million, or nearly ₹3,700 crore. Binding bids are likely to be submitted by the middle of June after the shortlisted companies complete due diligence, the report added.
Founded in 2019, IntelliSmart is jointly owned by National Investment and Infrastructure Fund and Energy Efficiency Services Limited. NIIF holds a 51% stake in the company, while EESL owns the remaining 49%.
Smart Meter Push
IntelliSmart has secured orders for nearly 22 million smart meters from power utilities across India. The company has already installed around 600,000 smart meters in Assam and nearly 500,000 in Uttar Pradesh.
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India’s smart metering market has been expanding rapidly as states push to modernise power distribution and reduce electricity losses. The sector has attracted strong interest from infrastructure and energy companies in recent years.
Adani Energy Solutions recently said it has completed installations of over 11 million smart meters, with another 24.6 million meters under implementation across projects.
Why The Deal Matters
The sale is also important for EESL, which has been under financial pressure. According to ET, the company’s long-term borrowings stood at ₹6,045 crore as of March 2025.
Meanwhile, GMR’s smart metering business has secured projects worth ₹7,593 crore in Uttar Pradesh, while Partners Group already has exposure to the global smart metering business through its investment in German firm Techem. The report said the sale process had initially attracted nearly 10 bidders before the shortlist was finalised.