Adani Energy Solutions Gets CCI Nod for Intelismart Buy

New Delhi, October 31: The Competition Commission of India has given its approval for Adani Energy Solutions Limited to buy the entire equity share capital of Intelismart Infrastructure Private Limited, according to a statement released on Saturday.

The regulator said the transaction would see Adani Energy Solutions acquire 100 per cent of Intelismart's equity from NIIF and EESL, which are the current shareholders of the target company.

The commission confirmed that it has approved the proposed acquisition of the full share capital of Intelismart Infrastructure by the Adani Group company.

Company Profile

Intelismart Infrastructure is engaged in offering advanced metering infrastructure for electricity in India. The firm is also active in the business of installing smart gas meters.

Timeline of the Deal

The acquisition was first announced in June, when Adani Energy Solutions entered into a binding agreement to purchase a 100 per cent equity stake in Intelismart.

The Rs 3,050 crore transaction includes the purchase of the complete equity capital of Intelismart and the payment of optionally convertible debentures held by NIIF.

Investors and Shareholders

NIIF is a sovereign-supported alternative asset manager in India. EESL is a joint venture of key public sector undertakings that function under the Ministry of Power.

Adani Energy Solutions belongs to the Adani Group. It is incorporated in India and its shares are listed on the BSE and the National Stock Exchange of India. The company operates mainly in power transmission and distribution and in the deployment of advanced metering infrastructure.

Market Data

In the last trading session, the stock of Adani Energy Solutions closed at Rs 1,345.55 on the BSE. Its 52-week high stands at Rs 1,789, while its 52-week low is Rs 804.70, according to exchange data.