The deal, that may rank among the biggest in India's energy services space, will start with mandating an investment banker for running the sale process.
IntelliSmart is in the process of replacing 27.6 million of India's 250 million conventional meters with smart meters, in the world's largest such programme, aimed to reduce power theft and ensure reliable electricity supply.
EESL, a joint venture of NTPC Ltd, Power Grid Corp. of India Ltd, Power Finance Corp. and REC Ltd, holds 332.2 million shares in IntelliSmart as per its annual report for FY24, with each share having a face value of ₹10.
"EESL is looking to exit the JV and would appoint an investment banker for the process," said one of the two people mentioned above.
Queries emailed to spokespersons of EESL, NIIF and IntelliSmart remained unanswered till press time.
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