I Squared Cap to exit Polaris Smart Metering

Mumbai: I Squared Capital, the $55-billion infrastructure-focused asset manager, is exploring an exit from smart metering company Polaris Smart Metering Pte, said people familiar with the matter.

The US-based fund has appointed boutique investment bank Impact Infracap to run the sale process. The potential deal could peg Polaris’ enterprise value at around $200 million (₹1,892 crore), the people said.

I Squared had committed an investment of $150 million in February 2023 for a controlling majority stake in Polaris through its ISQ Growth Markets Infrastructure Fund (ISQGMIF).