Cyril Amarchand Mangaldas (CAM), TT&A and JSA have advised on Adani Energy Solutions Limited’s (AESL) acquisition of IntelliSmart Infrastructure Private Limited, a leading smart metering joint venture between Energy Efficiency Services Limited (EESL) and National Investment and Infrastructure Fund (NIIF).
As per AESL’s public announcement, the transaction, valued at approximately INR 3,050 crore, involves the acquisition of 100% of the equity share capital of IntelliSmart and the redemption of optionally convertible debentures held by NIIF. Completion of the transaction remains subject to regulatory and customary approvals.
IntelliSmart is one of India’s leading owners and operators of smart meter assets and is among the top three players in the smart metering segment, with a portfolio of more than 2.2 crore meters deployed across Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar, and Assam.
Cyril Amarchand Mangaldas advised Adani Energy Solutions Limited.
The transaction team was led by Partner & Co-Head – Projects (Infrastructure) Subhalakshmi Naskar and Partner Ayushi Toshniwal.
Due diligence was conducted by Partner Ayushi Toshniwal, Senior Associate Rohil Deshpande, and Associate Yashasvi Raj.
Partner & Head (Competition) Avaantika Kakkar, and Partner Dhruv Rajain, with support from Principal Associate Rajat Sharma, and Senior Associate Ananya Mahant advised on Competition law aspects.
TT&A advised IntelliSmart Infrastructure Private Limited.
The transaction team consisted of Partners Gautam Saha and Punita Gupta, Senior Associate Prerna Raturi and Associate Sangita Sharma.
The due diligence team comprised Partners Gautam Saha, & Punita Gupta, Managing Associate Kush Saggi, Senior Associates Prerna Raturi, and Sajjan Singh Chouhan, and Associate Megha Rana.
Competition law advice was provided by Partner Sonam Mathur, Managing Associate Shubhang Joshi, Senior Associate Samriddha Gooptu, and Associate Srivaishnavi R.
JSA advised Energy Efficiency Services Limited (EESL).
The JSA team was led by Partner Vishnu Sudarsan, with support from Partner Sugandha Somani Gopal, Senior Associate Asmita Maan, and Associate Vihaan Pathak.
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