New Delhi, November 13 (H.S.): Adani Group company Adani Energy Solutions Limited (AESL) has completed the acquisition of IntelliSmart Infrastructure Private Limited from the National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Limited (EESL) for Rs 3,050 crore.

In a filing with the stock exchanges, Adani Energy Solutions said it had completed the acquisition of 100 per cent of IntelliSmart's equity share capital from NIIF and EESL. It also confirmed the redemption of the optionally convertible debentures held by NIIF in IntelliSmart. The Rs 3,050-crore transaction includes both the acquisition of the company's entire equity share capital and the redemption of NIIF's optionally convertible debentures. AESL said the deal would strengthen the Adani Group company's presence in the smart metering sector.

The Adani Group said that the Competition Commission of India (CCI), the country's fair trade regulator, had approved Adani Energy Solutions' proposal to acquire IntelliSmart Infrastructure on October 30. IntelliSmart provides advanced metering infrastructure for electricity and also deploys certain smart gas meters in the country.

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.

Adani Energy Solutions Limited is engaged in electricity transmission and distribution, as well as the deployment of advanced metering infrastructure across the country. The company is part of the Adani Group, led by industrialist Gautam Adani.

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Hindusthan Samachar / Jun Sarkar