Business EconomyPosted at: Jul 13 2026 6:57PM


Adani in race to acquire Polaris Smart Metering

Mumbai, July 13 (UNI) Adani Energy Solutions is among the companies which have reached the second round of negotiations in the race to purchase smart metering company Polaris Smart Metering, market sources said here on Monday.
The other companies in the race are Apraava Energy and private equity fund Actis. Due diligence scrutiny of Polaris Smart Metering is on and binding bids are expected by early August, sources said.
Presently, the controlling shareholder of Polaris Smart Metering is the US-based infrastructure fund I Squared Capital (via the ISQ Growth Markets Infrastructure Fund). Additionally, the UK's development finance institution, British International Investment (BII), holds a major financial stake through a recent Rs 7,100-million debt-equity financing deal.
However, I Squared Capital, which holds the majority controlling stake in Polaris Smart Metering, is seeking an exit from the smart metering company by selling its stake.
In April, I Squared Capital had appointed boutique investment bank Impact Infracap to initiate the sale process.
Any potential deal could peg the enterprise value of Polaris at around Rs 1,892 crore, according to market sources.
Earlier in February 2023, I Squared Capital had invested $150 million to buy a controlling majority stake in Polaris through its ISQ Growth Markets Infrastructure Fund (ISQGMIF).
Last month, Adani Energy Solutions signed a Rs 3,050-crore deal to acquire smart metering company IntelliSmart Infrastructure, with 22 million electricity meters installed in Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar and Assam.
The smart metering sector is viewed as a promising market prospect since smart meter penetration in India is only around 6%, which is far lower than the global average market penetration of 43%.
Besides, the government is rapidly advancing its Revamped Distribution Sector Scheme (RDSS) which aims to install 250 million prepaid smart meters by 2027 in order to reduce total technical and commercial losses.
The government RDSS scheme involves an estimated investment of Rs 1.35 lakh crore and its implementation and related opportunities are expected to last until 2035, which has made Polaris Smart Metering an attractive proposition for Adani Energy.
Additionally, Polaris Smart Metering has received smart meter installation contracts in Uttar Pradesh and West Bengal. In Uttar Pradesh, Polaris is working with Madhyanchal Vidyut Vitran Nigam to install 51 lakh smart meters in Lucknow and Ayodhya clusters, while in West Bengal, it has received a contract to install 22 lakh smart meters.
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Tags: #Adani in race to acquire Polaris Smart Metering
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