Business · Companies · 7 hrs ago
Actis, JSW Energy and Gemstar shortlisted for Polaris Smart Metering sale
Polaris Smart Metering is an Indian company that installs smart meters for electricity providers.
Actis, JSW Energy and Gemstar Infra have been shortlisted for the next stage of negotiations to buy the company.
The shortlisted bidders have completed due diligence, and binding offers are expected by the end of October.
The company could be valued at about ₹1,800–2,000 crore.
I Squared Capital, a US-based investment manager, is exploring a sale of its controlling stake, which it acquired in 2023.
Polaris has contracts to install 5.1 million meters in parts of Uttar Pradesh and 2.2 million in West Bengal.
The sale could change ownership of a company carrying out large smart-meter projects in those states.
Actis, JSW Energy and Gemstar Infra have been shortlisted for the second round of negotiations to buy Polaris Smart Metering.
The shortlisted bidders have completed due diligence, and binding bids are expected by the end of October.
The deal may value the Indian smart metering company at about ₹1,800-2,000 crore.
I Squared Capital is exploring an exit from its investment in Polaris, in which it acquired a controlling stake in February 2023.
Polaris has smart meter installation contracts in Uttar Pradesh and West Bengal.
- Who
- Actis, JSW Energy and Gemstar Infra are the shortlisted bidders. I Squared Capital is exploring an exit from its investment.
- What
- The bidders are negotiating to buy Polaris Smart Metering.
- When
- Binding bids are expected by the end of October. The year is not stated.
- Where
- India. Polaris has contracts in Uttar Pradesh and West Bengal.
- Why
- I Squared Capital is exploring an exit from its investment in the company.
This story does not have two clearly opposing sides.
No direct quotes in the coverage so far.
Economic Times first reported that I Squared Capital was exploring an exit from its investment in Polaris.
I Squared Capital invested $100 million to acquire a controlling stake in Polaris Smart Metering.
Actis formed Bharat Grid with EDF India to operate an advanced metering infrastructure concessions platform.
Binding bids are expected from the shortlisted bidders.
- Shortlisted bidders
- Actis, JSW Energy and Gemstar Infra
- Potential deal value
- About ₹1,800-2,000 crore
- I Squared Capital investment
- $100 million
- Uttar Pradesh contract
- ₹5,200 crore to install 5.1 million smart meters
- West Bengal contract
- Installation of 2.2 million smart meters
- Sale adviser
- Impact Infracap
Sources
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