Key Takeaways
- Adani Energy Solutions, Apraava Energy and private-equity firm Actis are reportedly among bidders that have progressed to the second round for Polaris Smart Metering.
- Four to five infrastructure and energy companies have been shortlisted, with due diligence underway and binding bids expected by early August.
- The proposed transaction may value Polaris at around ₹1,500 crore, but no final buyer has been selected.
- Polaris’ large smart-meter projects in Uttar Pradesh and West Bengal make it a strategically important platform as India accelerates power-distribution modernisation.
The sale process for Polaris Smart Metering has moved into its next phase, with Adani Energy Solutions, Apraava Energy and Actis reportedly advancing to the second round of negotiations.
Four to five infrastructure and energy players have been shortlisted and have begun due diligence, according to people aware of the development. Binding bids are expected by early August, while the proposed transaction may value Polaris at approximately ₹1,500 crore, or more than $150 million.
The sale remains under negotiation, and neither a preferred bidder nor a final buyer has been announced. Adani Energy Solutions and Apraava Energy declined to comment on the reported process, while responses from I Squared Capital and Actis were unavailable when the original report was published.
Polaris Smart Metering Deal at a Glance
| Deal detail | Reported position |
|---|---|
| Company | Polaris Smart Metering |
| Majority shareholder | ISQ Growth Markets Infrastructure Fund, managed by I Squared Capital |
| Other shareholder | Samunnati, owned by founder Yashraj Khaitan |
| Named second-round bidders | Adani Energy Solutions, Apraava Energy and Actis |
| Current stage | Due diligence and second-round negotiations |
| Expected binding bids | Early August 2026 |
| Indicative valuation | Around ₹1,500 crore |
Why Polaris Is Attracting Major Bidders
I Squared Capital invested $100 million in February 2023 to acquire a controlling interest in Polaris through its ISQ Growth Markets Infrastructure Fund. The remaining stake in the Singapore holding company is held through Samunnati, an entity owned by Polaris founder Yashraj Khaitan.
Polaris, formerly known as Gram Power, develops smart electric and gas meters, software and advanced metering infrastructure. Its business includes manufacturing, installation and long-term operation of smart-metering systems for electricity-distribution utilities.
The company also brings a sizeable project portfolio. In Uttar Pradesh, Polaris secured two contracts worth ₹5,200 crore to install and maintain 5.1 million smart meters across the Lucknow and Ayodhya-Devipatan clusters. The agreements include supply, commissioning, installation and maintenance over a 10-year period.
Polaris also has a West Bengal mandate covering more than 2.2 million smart meters. In April 2026, British International Investment provided approximately $80 million, or ₹710 crore, in financing to Polaris subsidiary Hooghly Smart Metering to support that rollout. This amount represents project financing, not the value of the West Bengal contract.
What the Deal Could Mean for Adani Energy Solutions
Adani Energy Solutions’ reported participation is notable because the company recently agreed to acquire IntelliSmart Infrastructure for ₹3,050 crore. Subject to regulatory and customary approvals, that transaction would expand Adani’s total smart-meter portfolio beyond 4.7 crore meters.
A successful Polaris bid could further expand Adani’s smart-metering scale, execution capacity and exposure to long-duration utility contracts. However, the bidding process remains competitive, and there is no confirmation that Adani will emerge as the final buyer.
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India’s Smart-Meter Opportunity
India’s Revamped Distribution Sector Scheme has created a large pipeline for smart-meter manufacturers and infrastructure operators. The government has sanctioned smart-metering work covering 19.79 crore consumers, along with feeder and distribution-transformer meters, at a sanctioned smart-metering cost of around ₹1.31 lakh crore.
As of March 30, 2026, 4.69 crore smart meters had been installed under RDSS, while total installations across all government and state schemes had reached 6.13 crore.
The gap between sanctioned and completed installations points to a substantial future opportunity. For potential buyers, Polaris offers more than meter manufacturing: it provides operating projects, utility relationships, software capabilities and long-duration installation and maintenance contracts.
The ₹1,500 crore valuation remains indicative, and binding bids are still awaited. The early-August bidding round will be the next major trigger in determining which strategic or financial investor moves closer to acquiring control of Polaris Smart Metering.
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