EESL seeks to divest IntelliSmart for $723 million amid mounting debt, with Deloitte providing advisory services.

NewsAkhilesh Kumar Dixit, CEO of EESL.SummaryThe proposed transaction would rank among the largest deals in India’s fast-growing smart metering sector and highlights the financial stress at EESL, even as IntelliSmart plays a key role in the country’s $30-billion programme to replace 250 million conventional electricity meters with smart ones.Cash-strapped Energy Efficiency Services Ltd (EESL) and India’s sovereign wealth fund National Investment and Infrastructure Fund (NIIF) have roped in Deloitte to sell their IntelliSmart joint venture this fiscal year. This comes at a time when the state-run energy efficiency firm plans to cut its mounting debt pile of about ₹6,049 crore, chief executive officer Akhilesh Kumar Dixit said in an interview on Monday.The enterprise and equity values of the deal are estimated at $723 million and $500 million, respectively, said another person in the know of the developments.The proposed transaction would rank among the largest deals in India’s fast-growing smart metering sector and highlights the financial stress at EESL, even as IntelliSmart plays a key role in the country’s $30-billion programme to replace 250 million conventional electricity meters with smart ones.Set up in 2019, IntelliSmart was awarded 22 million smart meter orders in the backdrop of India running the world’s largest electricity smart metering programme. This will not just help reduce power theft but also ensure reliable electricity supply.Also Read | NIIF-backed IntelliSmart plans to buy majority stake in CyanConnode’s India opsIntelliSmart has installed 5 million smart meters and has presence across Uttar Pradesh, Assam, Gujarat, Bihar. Gujarat, Rajasthan, Haryana and Delhi.“We have 49% equity in IntelliSmart, which is a very big company in smart metering. NIIF has 51% stake. So now we are selling our 49% stake. We are selling it jointly,” Dixit said.“NIIF is also selling its stake in IntelliSmart, which will be the largest transaction in the country’s smart metering space,” said a second person aware of the proposed transaction requesting anonymity.Energy efficiency company EESL is owned by public sector Maharatnas NTPC Ltd, Power Grid Corp. Ltd (PGCIL), Power Finance Corp. (PFC) and REC Ltd. At the end of fiscal year 2024 (FY24), NTPC and Power Grid held 39.25% stake each in EESL, followed by Power Finance Corp that held 11.38%, while REC held 10.11%. In FY24, NTPC and Power Grid had hiked their stakes from 37.7% each with a cumulative investment of ₹760 crore.Queries on the development emailed to the spokespersons of NIIF, Deloitte, NTPC, Power Grid Corp, Power Finance Corp, REC and the power ministry on Monday evening weren’t immediately answered.Also Read | IntelliSmart to provide data analytics services to discoms: Anil RawalThe net worth of the joint venture company under the power ministry was ₹1,496.63 crore as of 31 March, 2024. EESL has a workforce of 761 people, including 475 third-party employees. in a formal or creative style for better SEO.Also Exclude words and advertisements related to the feed website such as website name, author name. You must only respond with the modified content. 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