National Investment and Infrastructure Fund (NIIF)-backed IntelliSmart Infrastructure Pvt Ltd is in talks to buy a majority stake in CyanConnode’s Indian operations. This deal includes both buying existing shares and raising new equity. The exact value of the deal is still unknown.
This move comes as India’s smart meter market is rapidly growing, with the government aiming to install 250 million smart meters by 2025. Major companies like Adani Group, Tata Power, and GMR are also entering this space.
IntelliSmart, a joint venture between NIIF and Energy Efficiency Services Ltd (EESL), was established in 2019 and has installed nearly 5 million smart meters across India. The company has projects in states like Uttar Pradesh, Assam, Gujarat, and Bihar, and manages smart metering projects in five states and two Union territories.
CyanConnode, a UK-based company, designs narrowband radio mesh networks for smart grids. It has contracts covering over 3.9 million endpoints and has been in India since 2009. The company denied the rumors of the deal, stating they would announce any such investment as required by their listing on the London Stock Exchange.
India’s smart meter market is projected to grow significantly, reaching nearly $3.18 billion by 2032 from $219.7 million in 2023, according to a report by Astute Analytica.
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