State-run EESL plans to sell its 49Percent stake in IntelliSmart

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Subscribe to enjoy similar stories. State-run Energy Efficiency Services Ltd (EESL) plans to sell its 49% stake in IntelliSmart Infrastructure Pvt. Ltd, its joint venture with National Investment and Infrastructure Fund Ltd (NIIF) for smart metering and digital solutions, two people aware of the development said.

The deal, that may rank among the biggest in India’s energy services space, will start with mandating an investment banker for running the sale process. IntelliSmart is in the process of replacing 27.6 million of India's 250 million conventional meters with smart meters, in the world’s largest such programme, aimed to reduce power theft and ensure reliable electricity supply. EESL, a joint venture of NTPC Ltd, Power Grid Corp.

of India Ltd, Power Finance Corp. and REC Ltd, holds 332.2 million shares in IntelliSmart as per its annual report for FY24, with each share with a face value of ₹10. “EESL is looking to exit the JV and would appoint an investment banker for the process, " said one of the two people mentioned above.

Queries emailed to spokespersons of EESL, NIIF and IntelliSmart remained unanswered till press time. Also read | NIIF-backed IntelliSmart plans to buy majority stake in CyanConnode's India ops The deal comes at a time when there aren't many state-run firms in the energy services space while private firms are growing, with major business groups including Tata Power, Adani Group and GMR Group entering the space. IntelliSmart was formed in 2019 with an aim to finance and operate the smart meter rollout of power distribution companies, with NIIF holding 51% stake and EESL holding 49%.