Mumbai : JSA Advocates & Solicitors (JSA) advised Energy Efficiency Services Limited (EESL) in relation to the sale of its equity stake in IntelliSmart Infrastructure Private Limited (IntelliSmart), a leading smart metering joint venture between EESL and National Investment and Infrastructure Fund (NIIF), to Adani Energy Solutions Limited (AESL).
As per the media release issued by AESL, the transaction, valued at INR 3,050 crore, involves the acquisition by AESL of 100% of the equity share capital of IntelliSmart and the redemption of optionally convertible debentures of IntelliSmart held by NIIF. Transaction closing is subject to regulatory and other customary approvals.
IntelliSmart is one of India’s leading owners and operators of smart meter assets and among the top three players in the smart metering segment, with a portfolio of over 2.2 crore meters deployed across Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar and Assam.
The JSA team was led by Vishnu Sudarsan, Partner with support from Sugandha Somani Gopal, Partner and team members Asmita Maan, Senior Associate and Vihaan Pathak, Associate.