BENGALURU: India’s Adani Energy Solutions is looking to borrow as much as $600 million to fund smart meter projects for electricity supply, Bloomberg News reported on Thursday citing people familiar with the matter.

The Indian power distribution company is in talks with a group of global lenders, with the foreign currency loan’s tenor likely to be around three to five years, the report added.

In December, Adani Energy had formed a joint venture with a company backed by Abu Dhabi’s International Holding Company to grow its smart meter business in India and globally.

The Indian government, which has been pushing for the installation of smart meters, plans to install 250 million units across the country by 2025. Tenders for 80 million units of these meters are yet to be floated, indicating growth opportunities, Adani Energy had said last year.

India launched the Revamped Distribution Sector Scheme in 2022, aimed at improving the operational efficiencies and financial sustainability of power distribution companies.

Smart meters provide real-time energy usage data, allowing users to make informed decisions on their consumption.

Reuters had reported earlier this month the company is planning to raise around $400 million-$500 million through a private placement of bonds for which it is in early talks with US institutional investors.