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

28 Oct 2024 CW Team

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.

Infrastructure Urban

05 Nov 2025

TBO Tek Q2 Profit Climbs 12%, Revenue Surges 26% YoY

TBO Tek Limited one of the world’s largest travel distribution platforms, reported a solid performance for Q2 FY26 with a 26 per cent year-on-year increase in revenue to Rs 5.68 billion, reflecting broad-based growth and improving profitability.The company recorded a Gross Transaction Value (GTV) of Rs 8,901 crore, up 12 per cent YoY, driven by strong performance across Europe, MEA, and APAC regions. Adjusted EBITDA before acquisition-related costs stood at Rs 1.04 billion, up 16 per cent YoY, translating into an 18.32 per cent margin compared to 16.56 per cent in Q1 FY26. Profit after tax r..

Infrastructure Energy

05 Nov 2025

Northern Graphite, Rain Carbon Secure R&D Grant for Greener Battery Materials

Northern Graphite Corporation and Rain Carbon Canada Inc, a subsidiary of Rain Carbon Inc, have jointly received up to C$860,000 (€530,000) in funding under the Canada–Germany Collaborative Industrial Research and Development Programme to develop sustainable battery anode materials.The two-year, C$2.2 million project aims to transform natural graphite processing by-products into high-performance, battery-grade anode material (BAM). Supported by the National Research Council of Canada Industrial Research Assistance Programme (NRC IRAP) and Germany’s Federal Ministry for Economic Affairs a..

Infrastructure Urban

05 Nov 2025

Antony Waste Q2 Revenue Jumps 16%; Subsidiary Wins Rs 3,200 Cr WtE Projects

Antony Waste Handling Cell Limited (AWHCL), a leading player in India’s municipal solid waste management sector, announced a 16 per cent year-on-year increase in total operating revenue to Rs 2.33 billion for Q2 FY26. The growth was driven by higher waste volumes, escalated contracts, and strong operational execution.EBITDA rose 18 per cent to Rs 570 million, with margins steady at 21.6 per cent, while profit after tax stood at Rs 173 million, up 13 per cent YoY. Revenue from Municipal Solid Waste Collection and Transportation (MSW C&T) reached Rs 1.605 billion, and MSW Processing re..