New Delhi, Dec. 29 -- Cash-strapped Energy Efficiency Services Ltd (EESL) and India's sovereign wealth fund National Investment and Infrastructure Fund (NIIF) have roped in Deloitte to sell their IntelliSmart joint venture this fiscal year. This comes at a time when the state-run energy efficiency firm plans to cut its mounting debt pile of about Rs.6,049 crore, chief executive officer Akhilesh Kumar Dixit said in an interview on Monday.

The enterprise and equity values of the deal are estimated at $723 million and $500 million, respectively, said another person in the know of the developments.

The proposed transaction would rank among the largest deals in India's fast-growing smart metering sector and highlights the financial stress at...