I Squared Capital, a leading global infrastructure investment manager with over US $36 billion of assets under management through its ISQ Growth Markets Infrastructure Fund, has acquired a controlling interest in Polaris Smart Metering Pte. Ltd. Polaris is a Singapore based company that develops, installs, and operates smart metering infrastructure under long-term concessions. Polaris wholly owns Gram Power (India) Pvt. Ltd., India’s only domestically grown integrated smart meter solutions provider and energy analytics company.
I Squared Capital has committed up to US$100 million in Polaris, which will be used to transform the company’s manufacturing capabilities to global standards, invest in research and development, develop industry-leading talent, and participate in upcoming tenders.
Commenting on the transaction, Yashraj Khaitan, Founder and CEO of Gram Power 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.” Polaris’ comprehensive platform-as-a-service metering systems helps state electricity distribution companies radically reduce power distribution losses, manage their infrastructure digitally, and automate 100 percent of customer services such as metering, billing, and collections.