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Adani gets approval for Rs 3050cr IntelliSmart deal

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In short

The Competition Commission of India cleared the purchase of IntelliSmart Infrastructure Pvt Ltd, which was initially announced in June. Adani Energy Solutions Ltd is acquiring total ownership alongside the redemption of optionally convertible debentures held by sovereign-anchored manager NIIF. The acquisition combines IntelliSmart's advanced metering capabilities with AESL's transmission and distribution assets. This formal clearance ensures the massive utility transaction satisfies all national antitrust and competition standards.

Key points

  • The buyout substantially broadens Adani Energy Solutions' footprint in advanced electrici…: The buyout substantially broadens Adani Energy Solutions' footprint in advanced electricity and smart gas metering operations.
  • Current institutional sellers include India's sovereign-backed asset manager NIIF and pow…: Current institutional sellers include India's sovereign-backed asset manager NIIF and power ministry joint venture EESL.
  • The Competition Commission of India sanctioned the transaction after evaluating it agains…: The Competition Commission of India sanctioned the transaction after evaluating it against mandatory domestic antitrust thresholds.

Sources checked by our analysis pipeline: 1

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.

"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…

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