Adani Energy Solutions to acquire Intellismart Infrastructure for Rs. 3,050 crore

Adani Energy Solutions Ltd (AESL) has executed a binding securities purchase and subscription agreement (“SPSA”) to acquire a 100% equity stake in IntelliSmart Infrastructure Private Limited, a leading smart metering JV between National Investment and Infrastructure Fund ("NIIF") and Energy
Efficiency Services Ltd ("EESL"). The proposed acquisition will strengthen AESL's position as India’s largest smart metering platform with over 4.7+ crore smart meters.

The proposed Rs. 3,050 crore transaction includes acquisition of the 100% of the equity share capital of IntelliSmart and redemption of the optionally convertible debentures of IntelliSmart held by NIIF. The transaction closing is subject to regulatory and other customary approvals.