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Global and Domestic Players Eye IntelliSmart Infrastructure; Bids Under Review

The proposed sale of IntelliSmart Infrastructure has attracted significant interest from both global infrastructure investors and Indian energy firms, signaling strong momentum in the country’s smart metering sector. The company, jointly owned by National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Limited (EESL), has reportedly received around 10 bids, with a shortlist of four to five bidders expected soon for the next stage of due diligence.

The transaction is estimated to value IntelliSmart at approximately $400 million (around Rs3,700 crore). Among the global investors that have submitted non-binding bids are Actis, KKR, Macquarie Group, and Partners Group.

Domestic strategic players have also shown strong participation. These include Adani Energy Solutions Limited, GMR Group, Genus Power Infrastructures, Apraava Energy, Polaris Smart Metering, and Enzen Global Solutions.

Founded in 2019, IntelliSmart has secured contracts for nearly 22 million smart meters from various state utilities. So far, it has installed around 600,000 meters in Assam and approximately 500,000 in Uttar Pradesh, reflecting steady but evolving deployment progress.

The divestment comes amid rising financial pressures at EESL and aligns with the government’s broader push under the Revamped Distribution Sector Scheme (RDSS). The scheme aims to install 250 million prepaid smart meters by 2027 to reduce technical and commercial losses across power distribution networks.

With RDSS gaining traction, investor interest in India’s smart metering ecosystem has intensified. Both global funds and domestic players are increasingly looking to expand their footprint through acquisitions and partnerships, positioning themselves to benefit from one of the largest smart meter rollouts in the world.