Adani Energy Solutions gets CCI nod to acquire IntelliSmart Infrastructure

New Delhi, Oct 30 (PTI) Fair trade regulator CCI on Friday approved Adani Energy Solutions' proposal to acquire IntelliSmart Infrastructure.

     Adani Energy Solutions Ltd (AESL) is involved in electricity transmission and distribution, and deployment of advanced metering infrastructure in the country. The firm is part of billionaire Gautam Adani-led Adani Group.

     "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.

     IntelliSmart Infrastructure is involved in providing advanced metering infrastructure for electricity in the country. It is also engaged in deploying certain smart gas meters in the country.

     The Competition Commission of India (CCI) said it has cleared the proposed deal.

     "The Commission approves the acquisition of 100 per cent of the share capital of IntelliSmart Infrastructure Pvt Ltd by Adani Energy Solutions Ltd," the regulator said in a post on X.

     In June this year, Adani Energy Solutions announced that it has executed a binding securities purchase and subscription agreement to acquire a 100 per cent equity stake in IntelliSmart Infrastructure.

     The Rs 3,050-crore transaction includes the acquisition of 100 per cent of the equity share capital of IntelliSmart and redemption of the optionally convertible debentures of IntelliSmart held by NIIF.

     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.

     Deals beyond a certain threshold require approval from the regulator, which keeps a watch on unfair business practices as well as promotes fair competition in the marketplace.

(This story has not been edited by THE WEEK and is auto-generated from PTI)