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%.

Building Material

08 Apr 2026

Jindal Aluminium Marks 56 Years of Industrial Leadership

Jindal Aluminium Limited has marked its 56th Inception Day, celebrating a legacy built on vision, resilience and manufacturing leadership. Founded in 1968 and incorporated in 1970 by Padma Bhushan Dr Sitaram Jindal, the company has grown into a major force in India’s downstream aluminium sector under the leadership of Pragun Jindal Khaitan.The company is India’s largest manufacturer of aluminium extruded products and the second-largest producer of aluminium flat-rolled products. With a turnover of around Rs 5,500 crore and a workforce of over 4,000, Jindal Aluminium continues to strengthen..

Tunnelling Begins for Thane, Borivali twin tunnel project

Tunnelling work has commenced for the 11.84-km Thane–Borivali Twin Tunnel, set to be India’s longest urban road tunnel, marking a key milestone in Mumbai’s infrastructure development.As per a post shared by Mumbai Metropolitan Region Development Authority on social media platform X, the tunnel boring machine (TBM) ‘Nayak’—the country’s largest single-shield hard rock TBM for an urban tunnel—was launched by Devendra Fadnavis on Tuesday. The event was attended by Eknath Shinde and Sunetra Pawar, among other dignitaries. A second TBM, ‘Arjuna’, is expected to be launched so..

Large Format Store Planned At M G Road Metro Station

M G Road station in Bengaluru is set to host the city’s first large-format commercial and experience space, with planning led by Bangalore Metro Rail Corporation Limited. BMRCL has invited proposals to develop and operate a central business district destination at the Purple?Pink Line interchange. The plan positions the station as a commercial hub designed to serve a broad commuter base across the city. The proposal is part of a broader effort to activate transit nodes commercially. Tender documents set a minimum monthly rental of Rs 0.944 million (mn), inclusive of GST, for the large-format..