Adani Group and GMR
A big deal is going to happen in India’s smart meter sector. The sale process of IntelliSmart Infrastructure has now reached the final stage, where a tough competition can be seen between Adani Group and GMR. Many big investors are in the fray for this deal with a value of about Rs 3,800 crore. Due to the rapidly increasing demand in smart metering business and government schemes, this deal is being considered as a big deal in the power sector.
According to ET report, Adani Energy Solutions and GMR Smart Electricity Distribution have come face to face in the race to buy smart meter platform IntelliSmart Infrastructure. The sale process of the company has now reached the final stages and binding bids are expected to be submitted by mid-June. Apart from Adani and GMR, GIC-backed Genus Power Infrastructures and Swiss investor Partners Group are also involved in this race. In this proposed deal, the equity value of IntelliSmart is being estimated at around $400 million i.e. around Rs 3,800 crore.
What is IntelliSmart?
IntelliSmart is owned by NIIF and Energy Efficiency Services Limited (EESL). NIIF holds 51 percent stake in the company, while EESL holds 49 percent stake. It is being told that the selected bidders have also started due diligence i.e. financial and business investigation of the company.
IntelliSmart, established in the year 2019, is doing great work in installing smart meters in many states of the country. The company has so far received orders to install about 22 million smart meters. Of these, about 6 lakh smart meters have been installed in Assam and about 5 lakh in Uttar Pradesh.
Adani Group expansion
Adani Energy Solutions is already aggressively expanding in the smart metering business. The company recently said that it has installed 11.36 million smart meters so far. Apart from this, it has a large pipeline of installing 24.6 million smart meters, which is expected to generate potential revenue of more than Rs 29,500 crore. At the same time, GMR is also rapidly increasing its presence in this sector. The company has received big orders worth Rs 7,593 crore for installing smart meters in Uttar Pradesh. Under this, about 7.6 million old meters will be replaced.
Also read- The hassle of carrying heavy bags is over. Shopping assistant will be available for ₹ 149 in Lajpat Nagar, Delhi.
