Global Funds & Adani Eye NIIF Smart Meter Unit Sale

India’s smart meter market is heating up as National Investment and Infrastructure Fund explores the sale of IntelliSmart Infrastructure, drawing strong interest from global funds and domestic energy players.

The company, co-owned with Energy Efficiency Services Ltd, has received around 10 bids, with 4–5 bidders likely to be shortlisted for due diligence soon.

The deal is expected to value IntelliSmart at around $400 million (₹3,700 crore). Global investors, including KKR, Macquarie, Partners Group, and Actis have submitted bids. Domestic contenders include Adani Energy Solutions, GMR Group, and Apraava Energy. The process is being managed by Deloitte.

Founded in 2019, IntelliSmart has secured orders for 22 million smart meters, with installations underway in states like Assam and Uttar Pradesh.

Key Highlights

• IntelliSmart sale may value firm at $400M amid strong bids
• Global funds and players like Adani, GMR in race
• India’s 250M smart meter rollout drives investor interest

Also Read: Union Power Minister Urges States to Roll Out Smart Meters Faster

NIIF holds a 51% stake, while EESL owns the remainder. The sale is partly driven by EESL’s elevated debt levels, which stood at ₹6,045 crore as of March 2025.

The timing aligns with India’s ambitious Revamped Distribution Sector Scheme, which aims to deploy 250 million prepaid smart meters by 2028, backed by an estimated ₹1.35 lakh crore investment.

So far, 40.5 million meters have been installed across 28 states and union territories.

With smart meter penetration at just 5–6%, far below countries like Japan and the United States, the sector presents a $20–25 billion opportunity.

Also Read: Adani Green & UAE Renewable Energy Deal Boosts India Power Growth

This has intensified investor interest, with companies expanding through acquisitions and partnerships to capture a share of India’s fast-growing energy infrastructure market.