Adani Group Leads Race for 46.64% Stake in ITD Cementation
ECONOMY & POLICY

Adani Group Leads Race for 46.64% Stake in ITD Cementation

The Adani Group is the frontrunner to acquire a 46.64% promoter stake in ITD Cementation India, an engineering, procurement, and construction (EPC) company, to bolster its civil engineering capabilities, according to insiders. The deal, valued at ?58.89 billion ($700 million), includes an open offer that will follow the promoter stake purchase.

This acquisition marks another significant move by the infrastructure conglomerate led by Gautam Adani, which has been rapidly expanding its portfolio across sectors like airports, highways, ports, and power plants. The agreement is reportedly close to being finalized, with a formal announcement expected soon.

Strategic Fit for Adani Group ITD Cementation, a leader in maritime structures, has worked on key infrastructure projects such as the Delhi and Kolkata metro systems, and several major ports across India. Maritime structures account for 34.5% of ITD's order book, making it an attractive fit for Adani, which already has business ties with the company on hydropower and marine projects, including the Ganga Expressway.

The promoter of ITD Cementation, Italian-Thai Development Public Co, held the stake at the end of June 2023. In July, ITD Cementation had informed stock exchanges about a potential divestment of the promoter's stake, stating that the sale process was at a preliminary stage.

ITD Cementation's Growing Portfolio ITD Cementation boasts a strong presence in urban infrastructure, with projects ranging from highways, metro systems, and bridges to hydropower and specialized engineering works like tunneling and irrigation. The company’s total multi-year order book stands at ?18,536 crore, with government contracts making up nearly half of its portfolio.

ITD Cementation is also expanding into renewable energy, focusing on pumped storage and hydro projects, which align with Adani Green's 24x7 green power solutions. Analysts note that ITD's recent surge in stock value, more than tripling over the past year, may have persuaded the promoters to cash out, taking advantage of favorable market conditions.

Another Step in Adani’s Acquisition Spree The acquisition of ITD Cementation would mark the Adani Group’s 11th acquisition in 2024. The transaction is expected to be routed through Adani Enterprises Ltd (AEL), the conglomerate’s flagship company. This move follows AEL’s recent partnership with Tower Semiconductors for a $10 billion semiconductor fabrication plant in Maharashtra.

With infrastructure development gaining momentum across India, the EPC sector is poised for significant growth. ITD Cementation’s diverse portfolio, including national and international projects, is expected to complement Adani's long-term expansion strategy.

The company's management has assured that the promoter stake sale will not affect day-to-day operations, with no financial dependencies on the parent company. ITD's CFO, Prasad Patwardhan, confirmed that operations would remain unaffected, while Managing Director Jayanta Basu expressed optimism about the growth prospects under new ownership.

As India continues its infrastructure push, ITD Cementation is well-positioned to play a crucial role in shaping the country’s urban and industrial landscape under the Adani Group’s leadership.

The Adani Group is the frontrunner to acquire a 46.64% promoter stake in ITD Cementation India, an engineering, procurement, and construction (EPC) company, to bolster its civil engineering capabilities, according to insiders. The deal, valued at ?58.89 billion ($700 million), includes an open offer that will follow the promoter stake purchase. This acquisition marks another significant move by the infrastructure conglomerate led by Gautam Adani, which has been rapidly expanding its portfolio across sectors like airports, highways, ports, and power plants. The agreement is reportedly close to being finalized, with a formal announcement expected soon. Strategic Fit for Adani Group ITD Cementation, a leader in maritime structures, has worked on key infrastructure projects such as the Delhi and Kolkata metro systems, and several major ports across India. Maritime structures account for 34.5% of ITD's order book, making it an attractive fit for Adani, which already has business ties with the company on hydropower and marine projects, including the Ganga Expressway. The promoter of ITD Cementation, Italian-Thai Development Public Co, held the stake at the end of June 2023. In July, ITD Cementation had informed stock exchanges about a potential divestment of the promoter's stake, stating that the sale process was at a preliminary stage. ITD Cementation's Growing Portfolio ITD Cementation boasts a strong presence in urban infrastructure, with projects ranging from highways, metro systems, and bridges to hydropower and specialized engineering works like tunneling and irrigation. The company’s total multi-year order book stands at ?18,536 crore, with government contracts making up nearly half of its portfolio. ITD Cementation is also expanding into renewable energy, focusing on pumped storage and hydro projects, which align with Adani Green's 24x7 green power solutions. Analysts note that ITD's recent surge in stock value, more than tripling over the past year, may have persuaded the promoters to cash out, taking advantage of favorable market conditions. Another Step in Adani’s Acquisition Spree The acquisition of ITD Cementation would mark the Adani Group’s 11th acquisition in 2024. The transaction is expected to be routed through Adani Enterprises Ltd (AEL), the conglomerate’s flagship company. This move follows AEL’s recent partnership with Tower Semiconductors for a $10 billion semiconductor fabrication plant in Maharashtra. With infrastructure development gaining momentum across India, the EPC sector is poised for significant growth. ITD Cementation’s diverse portfolio, including national and international projects, is expected to complement Adani's long-term expansion strategy. The company's management has assured that the promoter stake sale will not affect day-to-day operations, with no financial dependencies on the parent company. ITD's CFO, Prasad Patwardhan, confirmed that operations would remain unaffected, while Managing Director Jayanta Basu expressed optimism about the growth prospects under new ownership. As India continues its infrastructure push, ITD Cementation is well-positioned to play a crucial role in shaping the country’s urban and industrial landscape under the Adani Group’s leadership.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

KONE Opens India's First Digital Experience Centre in Pune

KONE, a global elevator and escalator manufacturer, has inaugurated its first Digital Experience Centre (DEC) in India, located in Pune. The facility aims to showcase how artificial intelligence (AI), connectivity and data-driven technologies can enhance customer experiences and improve building operations.The centre was inaugurated by Jussi Herlin, Executive Vice Chair, KONE Corporation; Philippe Delorme, President and CEO, KONE; and Nandan Nilekani, Co-founder and Chairman of the Board, Infosys.Designed as an interactive customer environment, the facility demonstrates digital solutions cover..

Next Story
Infrastructure Urban

CII GreenCo Launches Circularity Guidelines for Indian Industry

The Confederation of Indian Industry (CII) GreenCo Council has launched the CII GreenCo Circularity Guidelines – Pilot Version at the 17th CII GreenCo Waste & Resource Management Summit 2026 in Chennai. The initiative aims to strengthen resource efficiency, waste reduction and circular economy practices across Indian manufacturing and process industries.The guidelines introduce a structured framework with circularity indices covering raw materials, consumables, packaging and other resource inputs. These indicators will help industries assess existing practices, identify opportunities to ..

Next Story
Infrastructure Energy

Global Electronics Association Launches IPC-1783-CO2E Standard

The Global Electronics Association has introduced IPC-1783-CO2E, a new international standard aimed at improving consistency, transparency and comparability in product carbon footprint reporting across the electronics manufacturing industry.The standard, titled International Standard for Data Collection and Reporting of CO2 Equivalent (CO2e) Emissions for the Electronics Manufacturing Supply Chain, provides industry-specific guidance for collecting, estimating and reporting carbon emissions data.With increasing regulatory requirements and customer expectations, electronics manufacturers face c..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code