Whalesbook
Abhi toh I Squared Capital, jo ki ek global infrastructure fund hai aur $55 Billion assets manage karta hai, woh Polaris Smart Metering mein apni majority stake bechne ke baare mein soch raha hai. Is kaam ke liye Impact Infracap ko hire bhi kar liya hai. Deal ho gayi toh Polaris ki value lagbhag $200 Million (yaani ₹1,892 crore) lagayi ja rahi hai.
Mazza toh ye hai ki I Squared ne is company mein $150 Million tab lagaye the jab Polaris ko Feb 2023 mein majority stake mili thi. Infrastructure funds toh usually investments ko 3 se 7 saal tak hold karte hain, par yahan toh 2.2 saal mein hi exit ki baat chal rahi hai.
Par company ne kam time mein kaafi bade deals jeete hain. Polaris, jo India mein Gomati Smart Metering ke naam se kaam karti hai, ne UP mein 5.1 million smart meters lagane ka project jeeta hai. Aur West Bengal mein bhi 2.2 million meters ka order hai. Overall, company ke paas around $1.1 Billion ka order book hai poore India mein. Pichhle mahine hi, British International Investment (BII) se ₹710 crore (lagbhag $80 Million) ka financing bhi mila tha isko, jisse woh aur 2.2 million smart meters laga sakegi.
Aur ye sab ho raha hai kyunki India ka smart meter market ekdum se boom kar raha hai. Sarkar 2027 tak 250 million smart meters lagane ke mood mein hai power losses kam karne ke liye. India ka pura smart grid market abhi $2.4 Billion ka hai aur 2033 tak $2.7 Billion ko cross karne ka estimate hai, matlab 18.1% ki CAGR se badhega.
Lekin jab koi fund itni jaldi exit karta hai, toh sawal toh uthte hain. $150 Million lagane par $200 Million ka valuation matlab 2.2 saal mein 33% ka gross return, jo ki annualized 15% ke aas paas hoga. Infrastructure funds ke liye ye utna accha return nahi mana jaata agar woh company build karna chahte hain.
Dusri taraf, Adani Energy Solutions jaise bade players bhi tezi se kaam kar rahe hain, toh competition bhi badh raha hai. Koi bhi naya buyer yeh sab dekhega ki Polaris aage kaise perform karegi.
Waise toh I Squared ka decision kuch bhi ho, India ka smart metering sector toh abhi aur grow karega hi. Sarkar ki plans, bade investments, aur power distribution sudharne ki zaroorat - sab milkar is sector ko strong bana rahe hain.