CCI Approves Adani Energy Solutions’ Acquisition of IntelliSmart

On 30 October 2026, the Competition Commission of India (CCI) approved Adani Energy Solutions Ltd (AESL)’s acquisition of IntelliSmart Infrastructure Pvt Ltd for Rs 3,050 crore.

Deal details

AESL will acquire a 100% equity stake in IntelliSmart from its current owners, the National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Ltd (EESL). The transaction also includes the redemption of optionally convertible debentures in IntelliSmart held by NIIF. AESL first announced a binding agreement for the acquisition in June 2026.

IntelliSmart’s operations

IntelliSmart provides advanced metering infrastructure for electricity and deploys smart gas meters in India. The acquisition is expected to expand AESL’s presence in smart metering and digital grid modernisation.

Important Facts for Exams

• Combination review: The Competition Act regulates acquisitions and other combinations that cause, or are likely to cause, an appreciable adverse effect on competition in India.
• CCI composition: The CCI comprises a chairperson and between two and six other members, appointed by the Central Government under the Competition Act, 2002.
• NIIF ownership: The Government of India owns 49% of NIIF Limited, with the balance held by domestic and international institutional investors.
• EESL sponsorship: EESL is a joint venture of four central public-sector power companies: NTPC, Power Finance Corporation, REC and Power Grid Corporation of India.