NIIF Explores Sale of $500 Million Stake in IntelliSmart

The National Investment and Infrastructure Fund (NIIF) is evaluating the potential sale of its 51% stake in IntelliSmart Infrastructure. Sources familiar with the discussions indicate that NIIF is currently working with an adviser to gauge interest from prospective buyers. The fund, which has invested in the smart electricity meter company since 2019, is targeting a valuation of approximately $500 million for IntelliSmart.

NIIF’s deliberations are ongoing and may not culminate in a sale. The fund has not issued any official comments regarding this matter. Based in New Delhi, IntelliSmart was established as a joint venture between NIIF and Energy Efficiency Services Ltd. in 2019, with the aim of implementing a smart meter program for Indian power companies. This initiative includes the deployment of meters that can be read remotely, which not only help identify network failures but also provide consumption data to assist households in managing their energy costs.

As a quasi-sovereign wealth fund founded by the Indian government in 2015, NIIF manages over $4.9 billion in assets. The fund boasts a portfolio of more than 75 direct and indirect investments, as detailed on its official website. This year, NIIF has engaged in several asset disposals, including the sale of Ayana Renewable Power, selected highways in Jammu and Kashmir, and a stake in electric vehicle manufacturer Ather Energy Ltd..

The potential sale of IntelliSmart highlights NIIF’s ongoing strategy to optimize its investment portfolio while also responding to market dynamics. The smart meter sector is increasingly recognized for its role in enhancing energy efficiency and providing real-time data for consumers, thus making it a valuable asset in the evolving energy landscape.

As discussions progress, stakeholders in the energy sector will be closely monitoring NIIF’s next steps regarding this possible transaction. The implications of such a sale could resonate throughout the industry, influencing investment patterns and strategic partnerships in the smart energy domain.