Adani Energy Solutions Ltd. is in talks for a $600 million credit facility to fund smart meter projects for electricity supply. The foreign currency loan could have a tenor of three to five years, with pricing likely linked to the Secured Overnight Financing Rate. Adani Energy Solutions recently formed a venture with UAE-based Esyasoft for smart meter projects in India and overseas. India plans to roll out 250 million smart meters to address billing inefficiencies in power distribution. The Adani Group has been regaining investor confidence since being targeted by US short seller Hindenburg Research last year.
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