+
Adani Group's Dubai firm to acquire ITD Cementation for Rs 32.04 bn
ECONOMY & POLICY

Adani Group's Dubai firm to acquire ITD Cementation for Rs 32.04 bn

Shortly after acquiring Orient Cement, the Adani Group's Dubai-based firm, Renew Exim DMCC, announced an agreement to acquire a 46.64 per cent stake in ITD Cementation India from its promoters for a total consideration of Rs 32.04 billion, as revealed in a stock exchange notification.

The Adani Group's firm plans to make an open offer for ITD Cementation.

This transaction, valued at Rs 400 per share, will result in the current promoter, Italian-Thai Development Public Company, no longer being a promoter of the company. Renew Exim DMCC will assume the role of the new promoter, pending all necessary government approvals.

Renew Exim DMCC, owned by billionaire Vinod Adani, who is the elder brother of Adani Group Chairman Gautam Adani, intends to make an open offer to acquire an additional 26 per cent stake at Rs 571.68 per share. This is in contrast to ITD Cementation's closing price of Rs 532 per share as of the previous Friday. The open offer is projected to cost Rs 25.53 billion, assuming all shareholders choose to tender their shares.

On October 22, Ambuja Cements, a firm owned by the Adani family, announced its third acquisition in the past year. It entered into a binding agreement to acquire a 46.8 percent stake in C K Birla family-owned Orient Cement for an equity value of ?8,100 crore. Earlier, Ambuja had acquired a majority stake in Sanghi Cement in December and purchased Penna Cement in August of this year. The group made a significant entry into the cement industry by acquiring Ambuja Cement and its subsidiary ACC for $6.5 billion in 2022.

ITD Cementation India, a prominent engineering and construction company, has been operating in India for nine decades. It specializes in heavy civil works, infrastructure, and EPC projects, with expertise in areas such as maritime structures, mass rapid transit systems, airports, hydro-electric power, tunnels, dams and irrigation, highways, bridges and flyovers, as well as industrial structures and buildings. For the financial year 2024, the company reported revenues of Rs 75.42 billion and a profit of Rs 2.74 billion.

Ultratech currently has a capacity of 150 million tonnes per annum (mtpa) and plans to increase its capacity to 200 mtpa by 2027. Similarly, Ambuja aims to raise its capacity to 150 mtpa during the same timeframe.

Shortly after acquiring Orient Cement, the Adani Group's Dubai-based firm, Renew Exim DMCC, announced an agreement to acquire a 46.64 per cent stake in ITD Cementation India from its promoters for a total consideration of Rs 32.04 billion, as revealed in a stock exchange notification. The Adani Group's firm plans to make an open offer for ITD Cementation. This transaction, valued at Rs 400 per share, will result in the current promoter, Italian-Thai Development Public Company, no longer being a promoter of the company. Renew Exim DMCC will assume the role of the new promoter, pending all necessary government approvals. Renew Exim DMCC, owned by billionaire Vinod Adani, who is the elder brother of Adani Group Chairman Gautam Adani, intends to make an open offer to acquire an additional 26 per cent stake at Rs 571.68 per share. This is in contrast to ITD Cementation's closing price of Rs 532 per share as of the previous Friday. The open offer is projected to cost Rs 25.53 billion, assuming all shareholders choose to tender their shares. On October 22, Ambuja Cements, a firm owned by the Adani family, announced its third acquisition in the past year. It entered into a binding agreement to acquire a 46.8 percent stake in C K Birla family-owned Orient Cement for an equity value of ?8,100 crore. Earlier, Ambuja had acquired a majority stake in Sanghi Cement in December and purchased Penna Cement in August of this year. The group made a significant entry into the cement industry by acquiring Ambuja Cement and its subsidiary ACC for $6.5 billion in 2022. ITD Cementation India, a prominent engineering and construction company, has been operating in India for nine decades. It specializes in heavy civil works, infrastructure, and EPC projects, with expertise in areas such as maritime structures, mass rapid transit systems, airports, hydro-electric power, tunnels, dams and irrigation, highways, bridges and flyovers, as well as industrial structures and buildings. For the financial year 2024, the company reported revenues of Rs 75.42 billion and a profit of Rs 2.74 billion. Ultratech currently has a capacity of 150 million tonnes per annum (mtpa) and plans to increase its capacity to 200 mtpa by 2027. Similarly, Ambuja aims to raise its capacity to 150 mtpa during the same timeframe.

Next Story
Real Estate

DLF Returns to Mumbai with Premium Andheri Residential Project

Delhi-NCR based real estate major DLF announced its return to the Mumbai market on 17 July with the launch of its premium residential project, The WestPark, in Andheri. The first phase includes 416 apartments spread across four towers, with two towers launched on the announcement day. The company plans to invest over Rs 8 billion in the project and expects a topline exceeding Rs 20 billion from Phase 1.“We have launched two towers and, given the strong response, plan to unveil the remaining two towers ahead of schedule, within the next few days,” said Aakash Ohri, Joint Managing Director o..

Next Story
Infrastructure Urban

APCRDA Advances Net Zero Goal with IGBC Training for Officials

In a significant stride towards Andhra Pradesh’s Net Zero target by 2040 and the Swarna Andhra 2047 vision, the Andhra Pradesh Capital Region Development Authority (APCRDA), in partnership with the Indian Green Building Council (IGBC), conducted a high-level capacity-building programme for senior officials in Vijayawada on Friday.Held at a city hotel, the session saw the participation of over 50 senior APCRDA officials, including the Engineer-in-Chief, Chief Engineer (H&B), Director (Planning), Director (Environment), and heads of key departments. The training centred on IGBC’s Green B..

Next Story
Infrastructure Energy

Assam Solar Project Halted as Waaree EPC Contract Is Cancelled

Following the Assam government’s withdrawal from its proposed solar project, the Engineering, Procurement, and Construction (EPC) contract awarded to Waaree Renewable has been suspended. Waaree Group’s EPC division informed the stock exchange of this development through a regulatory filing.The Assam solar project was suspended due to funding challenges, which rendered the initiative unviable for the state government. Waaree Renewable Transmission Limited (RTL) explained that the Government of Assam has withdrawn the project’s funding via the Asian Development Bank (ADB) loan. Consequentl..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?