Singapore-based private equity firm I Squared Capital has acquired a controlling stake in Polaris Smart Metering Pvt Ltd, which owns Gram Power (India) Pvt Ltd, through an investment of $100 million.
The firm has also rebranded its India business, Gram Power, to Polaris.
Funds raised will primarily be used to acquire, execute and finance large smart metering contracts across India. Capital will also go towards upgrading the company’s manufacturing capabilities to global standards, investing in research and development, and developing industry-leading talent.
“This investment by I Squared Capital will create the right synergies for our growth by helping us acquire, finance, and execute large scale projects
