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%.

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