The race to acquire Polaris Smart Metering has intensified, with the Adani Group, Actis and Apraava Energy among the leading contenders.
The company, backed by private equity firm Baring Private Equity Asia (now part of EQT), is exploring a sale that could value the business at around $400-500 million. Interest in Polaris has grown amid rising demand for smart metering solutions driven by India’s power sector reforms.
The sale process is expected to attract more bidders, reflecting strong investor confidence in the country’s expanding smart infrastructure and digital energy market.