The Polaris Smart Metering sale process has advanced to a new phase, with private equity firm Actis, along with JSW Energy and Gemstar Infra, making the cut for the next round of negotiations, as reported by sources close to the matter.

The selected bidders have finalized their assessments, and we anticipate receiving formal offers by the close of October. This transaction could potentially appraise Polaris Smart Metering at approximately ₹1,800-2,000 crore, according to sources.

I Squared Capital, a prominent asset manager with a focus on infrastructure and a portfolio worth $55 billion, is currently considering divesting its stake in the smart metering firm, as first highlighted by ET in April. The sale process is being managed by the boutique investment bank Impact Infracap.

In February 2023, the US-based asset manager made a significant investment of $100 million to secure a controlling interest in Polaris Smart Metering through its ISQ Growth Markets Infrastructure Fund. 

Polaris Smart Metering, a prominent player in India’s smart metering sector, has successfully landed contracts for smart meter installations in Uttar Pradesh and West Bengal. In Uttar Pradesh, the company is undertaking a substantial ₹5,200-crore project with Madhyanchal Vidyut Vitran Nigam Limited, aiming to deploy 5.1 million smart meters across the Lucknow and Ayodhya regions. Meanwhile, in West Bengal, Polaris has secured a contract for the installation of 2.2 million smart meters.

The ISQ Growth Markets Infrastructure Fund is the majority stakeholder in Polaris Smart Metering Private Limited, based in Singapore, while the remaining shares are owned by Samunnati Pte. Limited, also from Singapore. Yashraj Khaitan possesses full ownership of Samunnati.

Actis, a UK-based investment fund, is participating in the bidding process through Bharat Grid, a joint venture established last year with EDF India, designed to manage a specialized platform for advanced metering infrastructure service provider concessions.

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