(Bloomberg) -- Adani Energy Solutions Ltd. is seeking a credit facility for as much as $600 million to fund smart meter projects for electricity supply, according to people familiar with the matter.

The unit of India’s ports-to-power conglomerate is discussing the planned transaction with a group of global lenders, the people said, asking not to be identified because the details are private. The foreign currency loan’s tenor could range from three to five years, with the pricing likely linked to the Secured Overnight Financing Rate, they said. 

An Adani Group representative did not offer any immediate comment. 

Adani Energy Solutions in December agreed to form a venture with UAE-based Esyasoft to execute smart meter projects in India and overseas. The company secured smart meter installation orders worth 23 billion rupees ($276 million) in the quarter ended December, and added 302 circuit kilometers of transmission networks, according a filing earlier this year.

India plans to roll out 250 million smart meters across the country, and the plan has also attracted investments from companies including Schneider Electric SE and Electricite de France SA. The devices represent a tool for India’s power-distribution companies to address billing inefficiencies that have contributed to losses and high debt burdens.

Adani Group is regaining the confidence of investors since being targeted early last year by US short seller Hindenburg Research. The conglomerate, whose operations include coal plants and ports, earlier this month saw huge demand for its first public bond sale since the shortseller crisis.

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