JSW Energy, Gemstar & Actis vie for Polaris smart metering

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The Economic Times daily newspaper is available online now. Read Today's Paper JSW Energy, Gemstar & Actis vie for Polaris smart meteringBy Reghu Balakrishnan, ET BureauLast Updated: Oct 12, 2026, 10:07:00 AM ISTSynopsis

As Polaris Smart Metering progresses to the next phase of its sale, several shortlisted bidders, such as Actis, JSW Energy, and Gemstar Infra, have wrapped up due diligence and are on the verge of submitting binding bids. The estimated value of this deal lies between ₹1,800 crore and ₹2,000 crore.

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Loading...×Mumbai: The sale process for Polaris Smart Metering has moved to its next stage, with private equity firm Actis, JSW Energy and Gemstar Infra shortlisted for the second round of negotiations, according to people familiar with the development.

The shortlisted bidders have completed due diligence, and binding bids are expected by the end of October. The deal may value Polaris Smart Metering at about Rs 1,800-2,000 crore, the people said.

I Squared Capital, the $55 billion infrastructure-focused asset manager, is exploring an exit from its investment in the smart metering company, ET first reported in April. Boutique investment bank Impact Infracap is running the sale process.

Read more: India's Rs 11.2 trillion distribution capex to anchor smart metering shift towards outcomes: Central Electricity Authority

The US-based asset manager had invested $100 million to acquire a controlling stake in Polaris Smart Metering through its ISQ Growth Markets Infrastructure Fund in February 2023.

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Polaris Smart Metering, one of the leading smart metering players in India, has secured smart meter installation contracts in Uttar Pradesh and West Bengal. In Uttar Pradesh, it is executing a Rs 5,200-crore contract with Madhyanchal Vidyut Vitran Nigam Limited to install 5.1 million smart meters across the Lucknow and Ayodhya clusters. In West Bengal, the company has won a contract for the installation of 2.2 million smart meters.

Read more: Adani, Actis among firms on list for Polaris Metering as race intensifies

ISQ Growth Markets Infrastructure Fund holds the majority stake in Polaris Smart Metering Private Limited, Singapore, while the remaining stake is held by Samunnati Pte. Limited, Singapore. Yashraj Khaitan holds 100% of the shares of Samunnati.

UK-based fund Actis is bidding through Bharat Grid, a joint venture formed last year with EDF India to operate a dedicated platform company for advanced metering infrastructure service provider concessions.

Bharat Grid won a contract worth Rs 2,274 crore to provide advanced metering infrastructure services for smart prepaid metering in Paschim Gujarat Vij Company Limited, under Phase II of the Gujarat Revamped Distribution Sector Scheme.

GIC-backed Gemstar Infra is a Singapore-based advanced metering infrastructure service provider with a portfolio of more than 35 million smart meters across nine states in India.

Mails sent to Gemstar Infra, JSW Energy did not elicit any responses while I Squared, Actis spokespersons declined to comment.

The government is pushing ahead with the Revamped Distribution Sector Scheme, which has set a target of installing 250 million prepaid smart meters by 2027, to reduce aggregate technical and commercial losses. The programme envisages an investment of about Rs 1.35 lakh crore, with implementation and associated business opportunities expected to continue until 2035.

Smart meter penetration in India, at just 5–6%, remains significantly lower than in developed markets such as Japan (100%) and the US (73%), and is also well below the global average of 43%, highlighting the urgent need to bridge the gap and improve energy efficiency, according to a CareEdge report released last year.

The expanding market opportunity has fuelled a spate of acquisitions, as companies seek to scale up operations and strengthen their market presence.

In June, Adani Energy Solutions acquired smart metering company IntelliSmart Infrastructure for Rs 3,050 crore.
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