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Good afternoon gizmo,

Is this what you are referring to, gizmo and thank you for the heads-up:-

https://indianstartuptimes.com/investment/polaris-secures-80-million-from-bii-to-accelerate-smart-meter-deployment/

From the report:-

" Polaris Smart Metering Limited has finalised a $80 million ( R710 crore ) funding round from British International Investment ( BII ), the UK's development finance institution. The capital is specifically earmarked for Polaris' subsidiary, Hooghly Smart Metering Private Limited, to modernize energy infrastructure in eastern India."

Sounds good gizmo. And I note that there is no notification at the moment, for BII to use their investment in Hooghly, to purchase Polaris and Hooghly outright.

Also from the report:-

" BII's Growing India Portfolio "

" This investment marks another step in BII's strategy to support essential infrastructure and climate-conscious business models, in emerging markets. Polaris joins a diverse list of BII-backed Indian firms, including Ather Energy, KreditBee and the climate focused NBFC, Ecofy."

Very interesting gizmo and thank you for sharing.

Good Luck, gizmo.

LTI.

...... awarded CyanConnode a contract for 500,000 Omnimesh Modules, during August 2023, for MGVCL, with the installation to have potentially started from October 2023, onwards. The 27 month CyanConnode Omnimesh contract, should now be completed, dependant on any delays, with the 7.5 year Support & Maintenance contract, potentially ready to follow-on.

Good Luck all.

LTI.

...... has posted on x.com, that so far, IntelliSmart " ...... has successfully installed over 12 lakh smart meters in Gujarat, for @mgvcl_mgvcl, a significant leap toward a smarter, more empowered and future-ready power distribution network, in the state."

https://x.com/Intelli_Smart/status/2044636278843687415

Good afternoon all,

The IntelliSmart post goes on to confirm:-

" This achievement is more than a number. It represents thousands of consumers gaining greater control over their energy usage and a stronger foundation for Gujarat's modernised grid infrastructure.

" A heartfelt thank you to the MGVCL leadership, our valued partners and stakeholders, for their continued support and collaboration."

Well done to all involved.

Good Luck all.

LTI.

....... carries a report on the involvement that CyanConnode have with female education in Gurugram, India and their " ....... association with the Nanhi Kali Foundation, by supporting the Skill Bridge programme." Which I seem to remember, that CyanConnode have been promoting for some years.

The report has also been re-posted on the CyanConnode India x.com website:-

https://x.com/NanhiKali/status/2039594760810504568

Possible future female engineers and smart meter technicians, being encouraged to progress their abilities.

Good Luck all.

LTI.

Good afternoon all,

The full text from the Safety1 post yesterday, concerning " India's new smart-meter draft rules ........ *, is as follows:-

" India's latest draft amendment on metering, is a practical policy update. The government is making the roll-out easier for utilities to manage on the ground.

" The clearest change is on pre-payment. Earlier rules said, smart meters in areas with communication networks, had to operate in pre=payment mode. The draft amendment removes that requirement. Instead, it says Advanced Metering Infrastructure must have pre-payment functionality.

" This means utilities still need systems that can support pre-paid billing, but they do not have use pre-payment as a default operating model, for every smart meter. This gives them more control over how they roll-out billing reform.

" The draft also allows pre-payment meters to be installed in areas without communication networks, subject to approval from the State Electricity Regulatory Commission. This is a practical adjustment. Connectivity is still uneven across many parts of India and a strict requirement for communication-enabled smart meters, could slow deployment. By allowing a different metering option, in weaker network areas, the draft helps utilities keep rollout moving.

" The policy push behind smart meters, is well established. The challenge is no longer whether utilities are meant to adopt them, but how smoothly the rollout can continue, across different environments. This amendment shows regulators are responding to those realities."

Good Luck all.

LTI.

......... has posted on x.com, that IntelliSmart and Partners have now installed over 16 lakh smart meters for the ongoing PVVNL smart meter project, in Uttar Pradesh.

https://x.com/Intelli_Smart/status/2042822449809756567

Good Luck all.

LTI.

Good morning Safety1 and all,

Thank you for the Directors Talk Interview update, it is appreciated. And gives a little more clarity for the rules that the utilities are working too.

A paragraph from the report:-

" This means utilities still need systems that can support prepaid billing, but they do not have to use pre-payment as the default operating model for every smart meter. This gives them more control over how they roll-out billing reform."

Thanks again Safety1.

LTI.

Good afternoon all,

MonteCarlo and Partners have installed approximately 727k+ smart meters, within 2 of their smart meter projects during March 2026, while IntelliSmart and Partners installed approximately 344k+ smart meters, within 5 of their smart meter projects, during the same period. Genus and Partners installed approximately 1.4m+ smart meters, within 10 of their smart meter projects, also during March 2026.

There were other companies that also contributed to the overall installation figure of 3.4m+, for the month of March 2026.

Good Luck all.

LTI.

....... has just been published, with the overall smart meters installed during March 2026, coming in at approximately 3.4m+, bring the total installations for the NSGM projects to approximately 61.5m+.

https://nsgm.gov.in/en/sm-stats-all

Good afternoon all,

The CyanConnode/DigiSmart AMISP smart meter project in Goa, is progressing steadily with approximately 3.5k smart meter installations during March 2026, while DT meters increased by 374 for the month of March 2026, with Feeder Meters being 100% complete.

Good Luck all.

LTI.

Good afternoon all,

I have given my opinion on the ongoing negotiations between CyanConnode and Esyasoft, over the last 10 weeks or so and more recently during the early part of April 2026. My opinions are not acceptable to some, but they are my opinions.

I have given my view on the original CyanConnode/IntelliSmart negotiations, the ongoing CyanConnode/Esyasoft negotiations and the possibility of CyanConnode and " others ". So my position should be clear. I will judge the outcome of the negotiations, when I know what the outcome is.

You do not call the winner of a 1 mile race, at the end of the first lap, or the winner of the Premier League, at the end of September. Or at least, I don't. We do not know how many laps this particular race will take. There will be tactics, during negotiations, on both sides. There may be a deal, there may not. We will just have to wait and see.

My preference, as I have already mentioned over the last few weeks, is/was, the proposed CyanConnode/IntelliSmart deal, structured in the way that it was explained to share-holders, during August 2024, in that IntelliSmart " ..... is considering acquiring a significant stake in CyanConnode's Indian operations," which theoretically, as I view it, would give CyanConnode money in the bank to develop other global markets, put the Company on a financial footing, while still having a future share in India's smart meter market and development. Whether that is between CyanConnode and IntelliSmart ( Unsure ), CyanConnode and Esyasoft ( Ongoing ) or CyanConnode and another Partner ( Potentially ) - if the other 2 deals are not acceptable or do not come to fruition.

We do not know for certain yet, about the IntelliSmart approach, because of the ongoing negotiations between EESL and NIIF to sell their stakes in IntelliSmart, or who will eventually buy IntelliSmart. Could IntelliSmart go it alone, I am not sure.

So we wait, to see what the outcome, may be.

Good Luck all.

LTI.

Good morning all,

Another report from CyanConnode India, posted on x.com on February 6th, 2026, by Goa's CEE, about the introduction of smart meters and some of the challenges in doing so.

https://x.com/CyanConnode_Ind/status/2019645452254400900

Good Luck all.

LTI.

Good afternoon gizmo,

Maybe the difference between the original $500m valuation and the " Promotors of IntelliSmart ", seeking a valuation of $700m, is the number of potential suitors that could be lining up for a nibble at this significant slice of the Indian Smart Meter pie. Adani, Polaris, Genus, Apraava, we know from the India smart meter programme. Macquarie I know about. Brookfield, KKR and Actis, are new to me.

Or maybe someone pointed out " .... the value of the full stack operating within their own network ....... " that prompted the uplift in valuation, from the initial $500m at the start of the process, to $700m now?

We know that EESL have debts, so whether both EESL and NIIF have decided to cash-in at this particular time, we will have to wait and see.

You have a great Easter weekend also, gizmo and all.

LTI.

An excellent find gizmo and thankyou for sharing. It is appreciated. It is good to see that there is plenty of interest in the M&A market. And thank you Vas for sharing the link, it is also appreciated.

Some heavy hitters seem to be lining-up for an initial interest in the IntelliSmart business. I seem to remember that when Schneider Electric bought L&T's Electric & Automation division, it took the best part of 2 years.

So, some interesting times ahead, I feel.

Good Luck both,

LTI.

Good morning Vas and all,

You are welcome Vas and thank you for the information on the IntelliSmart financing. It is much appreciated.

It is difficult to guesstimate which way these negotiations will go/are going at the moment, between CyanConnode and Esyasoft. But returning to the proposal that was mentioned to share-holders during August 2024, about the IntelliSmart investment into CyanConnode India, if those proposed negotiations are not now possible, which would be a shame, I see no reason why the CyanConnnode/IntelliSmart blue-print cannot be introduced into negotiations with other Companies. Ongoing or new negotiations.

CyanConnode have built up a significant Partner Infrastructure, over the years, some of which may also be interested in investing initially, in CyanConnode India. Or another investment if preferred.

Good Luck Vas.

LTI.

Good afternoon Bordersman, I hope you are keeping well,

No, I have no idea " ........ how this will play out." The initial offer was low, in my opinion, partly because Esyasofts' competition, namely IntelliSmart, has been effectively taken out the frame, because of the situation that EESL/NIIF/IntelliSmart find themselves in. Namely EESL and NIIF, we are told, are selling their stakes in IntelliSmart.

I think we can agree, that the CyanConnode value ( at least to share-holders ) is materially higher than 10.44p and materially higher than the share-price at the moment. Esyasoft are still an important part of the CyanConnode Partner Infrastructure and both CyanConnode and Esyasoft know that. Whatever the outcome. We are hoping that a potential Trading Update, provided last year during April 2025, can shed some financial light on CyanConnode's progress, over recent month's.

The present political situation in the Middle East, which is having global repercussions, is not helping business in general, unless you buy and sell oil and associated products, of course. Not if you have to use them.

But this " Potential Offer ", as we understand it, was initiated by Esyasoft. Not negotiated or requested by CyanConnode.

But the CEA Amendments Public Consultation, that gizmo has highlighted and that I have commented on, may have a bearing on the eventual outcome of negotiations between CyanConnode and Easyasoft. And if Esyasoft, after negotiations, is deemed compatible with the regulators initially in India, but globally also. As The CyanConnode Group has been, for a number of years.

The risk for Esyasoft, is CyanConnode have proved that they can be successful over many years, in many different, diverse global smart meter markets.

Take care Bordersman, I hope this helps in some small way and as always, it is only my opinion.

LTI.

Good afternoon Vas,

The problem at the moment Vas, I feel, with the CyanConnode/IntelliSmart situation and from what we/I understand at the moment, is that EESL and NIIF have both decided to sell their stakes in IntelliSmart. So will IntelliSmart have another owner? Will/can IntelliSmart go it alone? Will IntelliSmart tie-up with another Company?

A very opportunistic time for Esyasoft to show their hand, I feel.

But from what we were told initially during August 2024, I liked the way the CyanConnode/IntelliSmart deal was being packaged/structured, in that IntelliSmart " ...... is considering acquiring a significant stake in CyanConnode's Indian operations." So not a complete sale and two compatible/regulated Companies, leaving CyanConnode to still take future profits from India, while further developing the other global, smart meter markets, in the future.

I still prefer the CyanConnode/IntelliSmart deal, for what its worth.

Take care Vas.

LTI.

Thank you for that, gizmo. I thought it ran through to at least April 2026. So are we aware of the Public Consultation results and when they will be made public?

Thanks gizmo.

LTI.

Good morning gizmo and all,

So, if we take it gizmo, that while the other three amendments are important to the overall package for the CEA, it is the " Clear Ownership Rules " that are probably at the forefront of the CyanConnode/Esyasoft negotiations.

And as the CEA " Amendments " are out for Public Consultation, at the moment and the CyanConnode/Esyasoft negotiations are being held in parallel with the CEA Amendments Public Consultation, the ongoing CyanConnode/Esyasoft negotiations cannot conclude fully, until the Amendments Public Consultation has ended, the results digested and built-in to the negotiations, so that CyanConnode and Esyasoft, basically know what they are both agreeing too, to eliminate any legal problems, in the future.

Could be a longish process, depending on how long the Amendments Public Consultation takes.

Take care gizmo.

LTI.

.

Good evening gizmo, I hope you are keeping.

Specifically, in reply to your 17:51 post today, I have found this introduction, that may go some way to explaining your point, if it is indeed what you are talking about.

" New Central Electricity Amendments ( India ) - March 2026."

" The new Central Electricity Amendments in India, effective from March 2026, aim to strengthen the captive power framework and improve industrial competitiveness. The amendment modifies Rule 3 of the Electricity Rules, 2005, bringing greater clarity and flexibility to the rules governing captive power plants. Key changes include:-

" - Clear Ownership Rules: Ownership will now include subsidiaries, holding companies and other subsidiaries of such holding companies."

" - Uniform verification of Captive Status: Captive status will be verified for the entire financial year, bringing clarity and reducing disputes."

" - Flexibility for Group Captive Projects: Greater flexibility for group captive power plants, set up by an Association of Persons ( AoP )."

" - Relief from Cross-Subsidiary and Additional Charges: Captive users will not be charged Cross-Subsidy Surcharges( CSS ) and Additional Surcharge ( AS ) initially, if they submit the required declaration. These amendments are expected to support industries that generate electricity for their own use, improve ease of doing business and support India's transition toward a sustainable energy future."

If these points are what you are referring to gizmo ( Or even in part ) - point 1 - " Clear Ownership Rules - Ownership will now include subsidiaries, holding companies and other subsidiaries, of such holding companies," may take sometime to unravel. It is not a case of Esyasoft just putting in an offer and CyanConnode either accepting the Offer, or declining it.

If Esyasoft mean business, the " i's need to be dotted and the t's need to be crossed ".

Thank you for the heads-up gizmo, on the CEA Amendments, it is appreciated.

Good Luck,

LTI.

Good afternoon gizmo - is this the one?

https://indianinfrastructure.com/2026/03/12/central-electricity-authority-notifies-draft-cea-installation-and-operation-of-meters-amendment-regulations-2026/

LTI.