CCI Approves Adani Energy Solutions ₹3,050 Crore Acquisition of Intellismart Infrastructure
The CCI has approved Adani Energy Solutions acquisition of Intellismart Infrastructure for ₹3,050 crore, enhancing its advanced metering capabilities.
New Delhi, October 31 (Daily Kiran) : The Competition Commission of India (CCI) has granted approval for Adani Energy Solutions Limited to acquire the equity share capital of Intellismart Infrastructure Private Limited. In a statement released on Saturday, the regulator confirmed that the deal entails the acquisition of 100% equity from the National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Limited (EESL).
Intellismart Infrastructure specializes in providing advanced metering infrastructure for electricity in India. The company is also actively involved in the smart gas meter installation business.
The CCI stated that it has approved the acquisition of Intellismart Infrastructure’s entire share capital by Adani Energy Solutions. Earlier in June, Adani Energy Solutions announced that it had signed a binding securities purchase and subscription agreement for the 100% equity stake in Intellismart Infrastructure.
The ₹3,050 crore deal includes the acquisition of Intellismart’s full equity share capital and the payment for convertible debentures held by the NIIF. The NIIF is a sovereign-backed alternative asset manager in India, while EESL is a joint venture of major public sector enterprises under the Ministry of Power.
As a part of the Adani Group, Adani Energy Solutions is a publicly listed company incorporated in India. Its shares are traded on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India. The company primarily focuses on electricity transmission and distribution, as well as deploying advanced metering infrastructure.
In the latest trading session, shares of Adani Energy Solutions Limited closed at ₹1,345.55 on the BSE. The stock has seen a 52-week high of ₹1,789 and a low of ₹804.70.
