Global private equity firm I Squared Capital said it has acquired a majority stake in Polaris Smart Metering, which owns Gram Power, for $100 million.
Gram Power is a wholly-owned subsidiary of Singapore-based Polaris Smart Metering, which develops, installs, and operates smart metering infrastructure under long-term concessions.
“We launched smart prepaid meters back in 2012 when even standards for the product from the Bureau of India Standards didn’t exist. The industry has evolved from questioning the purpose of the technology to launching an aggressive national programme to transform India’s grid to 100% smart metering,” Yashraj Khaitan, Founder and CEO of Gram Power, said.
With over $36 billion in assets under management focusing on utilities, digital infrastructure, energy, transport, environmental infrastructure, and social infrastructure in North America, Europe, Latin America, and Asia, I Squared Capital made this investment through its $2-billion ISQ growth markets infrastructure fund.
The funds will be used to upgrade Gram Power’s manufacturing capabilities to global standards, invest in research and development, talent upskilling and acquisitions, and participate in upcoming tenders, the company said.
“This investment by I Squared Capital will create the right synergies for our growth by helping us acquire, finance, and execute large-scale projects while building world-class manufacturing facilities, expanding our service offerings, and investing in top-quality talent,” Khaitan added.