TT&A advised National Investment and Infrastructure Fund (“NIIF”) which held a 51% stake in IntelliSmart Infrastructure Private Limited (“IIPL”) in connection with the sale of its 51% stake to Adani Energy Solutions (“AESL”). The proposed acquisition will strengthen AESL’s position as India’s largest smart metering platform with over 4.7 crore smart meters.

The transaction also involved the sale of Energy Efficiency Services Limited’s (“EESL”) stake in IIPL, resulting in the transfer of 100% ownership to AESL for an aggregate consideration of INR 3,050 crores.

IntelliSmart is one of India’s leading owners and operators of smart meter assets and among the top three players in the smart metering segment, with a portfolio of over 2.2 crore meters deployed across Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar and Assam. A joint venture of the National Investment and Infrastructure Fund and Energy Efficiency Services Limited, the Company focuses on leveraging advanced metering infrastructure, consumer data management, and AI/ML-based analysis to offer smart solutions for power and gas utilities across India. 

TT&A Team: 

• Deal Team: Gautam Saha & Punita Gupta – Partners, Kush Saggi – Managing Associate; Prerna Raturi & Sajjan Singh – Senior Associates and Sangita Sharma, Megha Rana & Eshani Agarwal – Associates
• Competition Team: Sonam Mathur – Partner, Shubhang Joshi – Managing Associate, Samriddha Gooptu – Senior Associate and Srivaishnavi R – Associate