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EESL to sell entire 49% in smart meter joint venture
Mint Mumbai
|November 21, 2024
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 having 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.
Diese Geschichte stammt aus der November 21, 2024-Ausgabe von Mint Mumbai.
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