+
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
Infrastructure Energy

Tata Power, Suzlon Ink Rs 60 Billion Wind Energy Deal in Andhra

Tata Power has signed an agreement with Suzlon Energy to develop, construct, and supply 700 megawatt (MW) wind turbines in Andhra Pradesh. The Rs 60 billion project forms part of a 7 gigawatt (GW) renewable energy plan announced by Tata Power Renewable Energy (TPREL) and the state government in March 2025.This marks the first wind energy project in the state since 2019. The larger 7 GW programme, covering solar, wind, and hybrid projects with or without storage, is expected to attract investments of around Rs 490 billion, making it one of the state’s largest clean energy commitments.The turb..

Next Story
Infrastructure Transport

Odisha Approves Rs 12.6 Billion For 32 New Bridges

Odisha is set for a major infrastructure boost with the approval of 32 new bridges under the Setu Bandhan Yojana for FY 2025–26. The project, valued at Rs 12.6 billion, is aimed at improving road connectivity across ten districts, enhancing mobility and driving local development.The bridges will be constructed in Bolangir, Subarnapur, Nayagarh, Sambalpur, Malkangiri, Bargarh, Koraput, Jagatsinghpur, Cuttack, and Puri. Many of these areas are rural or located in difficult terrains, where improved accessibility will greatly benefit the transportation of goods and public mobility.Setu Bandhan Y..

Next Story
Infrastructure Transport

UP Plans Rs 350 Billion Gorakhpur–Shamli Expressway

Uttar Pradesh is preparing to build its largest expressway, a 700-km six-lane project that will surpass the 570-km Ganga Expressway from Meerut to Prayagraj. Designed as a greenfield project, the Gorakhpur–Shamli Expressway will cut travel time between eastern and western Uttar Pradesh to just six hours, transforming regional connectivity.The expressway will pass through 22 districts and 37 tehsils, bringing faster travel and significant economic benefits, including higher land values for farmers and employment opportunities during and after construction. A drone survey to map the route is e..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?