Adani Group looks to acquire ITD Cementation

28 Oct 2024 CW Team

Adani Group is planning to acquire nearly 73% of ITD Cementation India for approximately $685 million, aiming to bolster its in-house engineering, procurement, and construction (EPC) and civil engineering capabilities. Renew Exim DMCC, an offshore entity fully owned by the Adani promoter family, has entered into an agreement with ITD Cementation’s promoter, Italian-Thai Development Public Co, to acquire a 46.64% stake—equivalent to 80.1 million shares—at Rs 400 per share, amounting to Rs 32.04 billion, according to a stock exchange filing by ITD Cementation.

The acquisition will be followed by an open offer to buy an additional 26% or 44.7 million shares from minority shareholders at Rs 571.68 per share. If fully subscribed, this will result in a total outlay of around Rs 57.59 billion for Adani Group, securing a 73% stake in ITD Cementation, a leader in maritime structures and engineering projects. This acquisition would mark Adani Group’s twelfth acquisition this year.

ITD Cementation’s portfolio includes work on Jawaharlal Nehru Port Trust and ports in Tuticorin, Haldia, Mundra, and Vizhinjam, as well as Delhi and Kolkata metro projects. Seen as strategically aligned with Adani’s expansion into ports, infrastructure, power, and real estate, ITD Cementation also shares business ties with Adani in hydropower, marine, and the 594-km Ganga Expressway toll project. Maritime structures like wharfs, piers, container terminals, berths, and oil jetties form the largest segment of ITD Cementation’s order book, accounting for 34.5%.

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..