Adani Energy Solutions, Apraava Energy and Actis have advanced to the second round of negotiations for Polaris Smart Metering.
The companies have started due diligence, with binding bids expected by early August.
The proposed deal could value the smart metering company at around ₹1,500 crore.
The proposed sale of Polaris Smart Metering has moved into the next stage, with Adani Energy Solutions, Apraava Energy and private equity firm Actis advancing to the second round of negotiations, according to a report by The Economic Times.
The companies have started due diligence, while binding bids are expected by early August, the report said. The deal could value Polaris Smart Metering at around ₹1,500 crore. Infrastructure-focused investment firm I Squared Capital is exploring an exit from the company, which supplies smart electricity and gas meters for residential, commercial and industrial consumers.
4 July 2026
Get the latest issue of Outlook Business
I Squared Eyes Exit
ET had reported in April that I Squared Capital was exploring strategic options for Polaris Smart Metering.
The investment firm acquired a controlling stake in the company in February 2023 through its ISQ Growth Markets Infrastructure Fund (ISQGMF), investing $100 million. The fund now holds the majority stake in Polaris Smart Metering Singapore, while the remaining stake is owned by Samunnati Singapore, which is fully owned by Yashraj Khaitan.
According to the report, the companies that have advanced to the second round are reviewing Polaris Smart Metering's financial and operational details before submitting binding bids, which are expected by early August.
Smart Meter Push
Polaris Smart Metering provides smart electricity and gas meters for residential, commercial and industrial consumers. The company has secured large smart meter installation contracts in Uttar Pradesh and West Bengal.
According to its website, Polaris is installing 5.1 million smart meters across the Lucknow and Ayodhya clusters in Uttar Pradesh under a contract with Madhyanchal Vidyut Vitran Nigam. It has also won a contract to install 2.2 million smart meters in West Bengal.
The company operates in a market expected to grow rapidly as the government pushes the Revamped Distribution Sector Scheme (RDSS), which aims to install 250 million prepaid smart meters by 2027. The programme is estimated to involve investments of around ₹1.35 lakh crore.
Growing Deal Activity
India's smart meter market still has significant room for growth. According to a CareEdge report cited by ET, smart meter penetration in the country stands at just 5-6%, well below the global average and far behind markets such as the US and Japan.
The growing opportunity has also led to a rise in acquisitions. Last month, Adani Energy Solutions acquired IntelliSmart Infrastructure for ₹3,050 crore, strengthening its presence in the smart metering segment.
Actis, another company in the second round of negotiations, had last year formed a joint venture with EDF India to develop a platform for advanced metering infrastructure service projects. With government-backed smart meter deployment gathering pace and private investment rising, companies such as Polaris are becoming attractive acquisition targets for infrastructure investors looking to expand in the sector.
