The Competition Commission of India approved Adani Energy Solutions' Rs 3,050-crore acquisition of IntelliSmart Infrastructure on Friday. The deal involves buying 100% of IntelliSmart’s equity from NIIF and EESL. This move helps Adani expand its smart metering business. The regulator said, "The Commission approves the acquisition of 100 per cent."
Synopsis
The Competition Commission of India (CCI) has approved Adani Energy Solutions' Rs 3,050-crore acquisition of IntelliSmart Infrastructure. The transaction involves acquiring 100% of IntelliSmart's equity from NIIF and EESL, along with the redemption of optionally convertible debentures held by NIIF, expanding AESL's presence in the smart metering business.
The fair trade regulator cleared the proposed acquisition on Friday, which involves AESL purchasing IntelliSmart's entire equity share capital from the National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Ltd (EESL).
"The Commission approves the acquisition of 100 per cent of the share capital of IntelliSmart Infrastructure Pvt Ltd by Adani Energy Solutions Ltd," the CCI said in a post on X.
Rs 3,050-crore deal covers equity acquisition, debenture redemption
The transaction, announced by AESL in June this year, is structured to include the purchase of IntelliSmart's entire equity share capital as well as the redemption of optionally convertible debentures held by NIIF.
AESL had said it executed a binding securities purchase and subscription agreement to acquire the company.
Live Events
"The proposed combination envisages the acquisition of 100 per cent of the equity share capital of the target (IntelliSmart Infrastructure Pvt Ltd) by the acquirer (Adani Energy Solutions Ltd) from National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Ltd (EESL)," the regulator said in a statement.
Acquisition expands smart metering portfolio
IntelliSmart provides advanced metering infrastructure (AMI) solutions for electricity distribution and is also involved in deploying certain smart gas meters in India.
AESL operates across electricity transmission and distribution, besides deploying advanced metering infrastructure in the country. The acquisition will add IntelliSmart's smart metering operations to its existing energy infrastructure business.
NIIF is India's sovereign-anchored alternative asset manager, while EESL is a joint venture of leading public sector undertakings under the Ministry of Power.
Under India's competition framework, transactions meeting specified financial thresholds require prior approval from the CCI, which is responsible for preventing anti-competitive practices and promoting fair competition in the market.
(You can now subscribe to our Economic Times WhatsApp channel)
(Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.)
Subscribe to The Economic Times Prime and read the ET ePaper online.
...moreless
(You can now subscribe to our Economic Times WhatsApp channel)
(Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.)
Subscribe to The Economic Times Prime and read the ET ePaper online.