Adani Energy Solutions Limited (AESL) is reportedly planning to raise up to $600 million to fund smart meter projects in electricity.

A Bloomberg report said the company is in talks with a group of global lenders for a foreign currency loan whose tenor could range from three to five years.

AESL, formerly known as Adani Transmission, is the country’s largest private transmission company, with a presence across 17 states and a cumulative transmission network of 20,400 ckm (circuit kilometre) and 54,600 MVA (megavolt amp) transformation capacity. In its distribution business, the company serves more than 1.2 crore consumers in metropolitan Mumbai and Mundra SEZ.

Smart meters

The company in December formed a 49:51 joint venture with UAE-based Esyasoft Holdings for implementing smart metering projects in India and other countries.

Through its wholly owned subsidiary, Adani Transmission Step-Four Limited, AESL acquired a 49 per cent stake in Esyasoft Holdings Ltd.’s smart metering solutions arm. The entity was renamed Adani Esyasoft Smart Solutions Ltd.
AESL had then said the transaction deepens the relationship between Adani and Abu Dhabi’s International Holding Company (IHC). The Abu Dhabi company is a major shareholder in Esyasoft through its subsidiary Sirius International Holdings.

Apart from meeting AESL’s current and future needs, the JV will bid for Indian and global orders.

The fund chase by AESL comes just days after Adani Green Energy raised $409 million through an overseas bond issue which was the first by the group after the damaging Hindenburg report.

The issue was subscribed more than seven times by foreign investors that included marquee entities. Proceeds of the offering will be utilised to refinance $500 million notes issued in 2019.

Adani Ports, Adani Green Energy and Adani Enterprises are also reportedly planning to raise funds through dollar bonds.