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Adani Group’s Renew Exim DMCC to acquire 46.64% stake in ITD Cementation for Rs 3,204 crore.
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The acquisition aims to boost Adani’s civil engineering capabilities in sectors like airports, highways, and metro projects.
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ITD Cementation specializes in engineering and construction projects, including metro systems, maritime structures, and highways.
Adani Group has made a significant move to expand its civil engineering capabilities by acquiring a 46.64% stake in ITD Cementation India. The group’s firm, Renew Exim DMCC, will purchase the stake from ITD Cementation’s promoters for Rs 3,204 crore at Rs 400 per share. Additionally, Renew Exim will make an open offer to acquire an extra 26% stake from public shareholders at Rs 571.68 per share, totaling Rs 2,553 crore if fully subscribed.
This acquisition is part of Adani Group’s strategic expansion plans in the infrastructure sector. ITD Cementation’s expertise in engineering and construction projects will complement Adani’s existing businesses in airports, highways, and metro projects. With this acquisition, Adani Group aims to strengthen its position in the civil engineering space.
ITD Cementation has a diverse portfolio of projects, including metro systems, maritime structures, highways, bridges, and industrial structures. In the financial year 2024, the company reported revenues of Rs 7,542 crore and a profit of Rs 274 crore. This acquisition is expected to boost Adani Group’s growth in the infrastructure sector.
This move comes shortly after Adani Group announced its acquisition of Orient Cement at a valuation of Rs 8,100 crore. With these strategic acquisitions, Adani Group is poised to become a major player in India’s infrastructure and construction industry.
