Adani Infra Seeks CCI Nod for PSP Projects Stake Acquisition

24 Jan 2025 CW Team

Gautam Adani-led Adani Infra, a subsidiary of Adani Enterprises, has approached the Competition Commission of India (CCI) seeking approval to acquire a majority stake in PSP Projects Ltd. The Ahmedabad-based PSP Projects specialises in industrial, institutional, residential, and luxury developments, including the Surat Diamond Bourse. As of September 2024, it held an order book valued at Rs 65.46 billion.

The proposed deal involves Adani Infra acquiring equity shares of PSP Projects from its promoter, Prahaladbhai S. Patel, and public shareholders through an open offer.

Following the transaction, Adani Infra, Patel, and other existing promoters are expected to hold equal stakes in the company, according to the CCI filing.

Adani Infra’s notification to CCI was made under Section 6(2) of the Competition Act, 2002, which requires prior approval for combinations exceeding specified thresholds. The company asserted that the transaction would not disrupt market dynamics or adversely impact competition in India. For competitive assessment, the relevant markets could include real estate development, airport operations, cement manufacturing, and infrastructure services.

In November 2024, Adani Infra announced plans to acquire a 30.07% stake in PSP Projects for Rs 6.85 billion, strengthening its construction capabilities. Patel currently holds 47.76% of PSP Projects, of which he is selling 30.07%. Post-transaction, Adani Infra and the existing promoters will each hold 30.07%, with Adani Infra required to launch an open offer for an additional 26% stake. This would make Adani Infra the largest shareholder in PSP Projects.

The acquisition aligns with Adani Group’s strategy of expanding its footprint across diverse sectors, consolidating its position as a leading player in India’s infrastructure landscape.

(ET)

Real Estate

05 Sep 2025

Vitizen Hotels Signs Deal at Manyata Tech Park

Vikram Kamats Hospitality, as part of its ongoing expansion in key metropolitan markets, announced that its material subsidiary, Vitizen Hotels, has signed a long-term lease agreement for a 45-key hotel property at Manyata Tech Park, Bengaluru.Strategically located in the city’s prominent IT hub, the property is well-positioned to serve corporate travelers, business professionals, and long-stay guests. The addition aligns with the company’s asset-light growth model, leveraging long-term leases to expand its footprint in high-demand urban markets.The hotel is expected to strengthen the comp..

CONCOR Signs MoU with BPIPL to Operate Container Terminal at Bhavnagar Port

Container Corporation of India (CONCOR) has signed a Memorandum of Understanding (MoU) with Bhavnagar Port Infrastructure (BPIPL) on September 4, 2025, in New Delhi to operate and maintain the upcoming container terminal at the northside of Bhavnagar Port, Gujarat.BPIPL had earlier entered into an agreement with the Gujarat Maritime Board (GMB) in September 2024 for the port’s development. Under this arrangement, 235 hectares of land has been leased to BPIPL for 30 years, with provision for expansion by an additional 250 hectares.The new terminal is expected to significantly enhance logistic..

Concord Launches India’s First Indigenous Zero-Emission Rail Propulsion

Concord Control Systems (CCSL), a leader in embedded electronics and critical rail technologies, has announced the development of India’s first fully indigenous zero-emission propulsion system, marking a significant step toward the country’s railway electrification and net-zero goals for 2030.Powered by Lithium Iron Phosphate (LFP) batteries and featuring a DC chopper-based drive, the propulsion system eliminates idling losses common in diesel engines, offering higher efficiency, lower costs, and zero emissions.What sets this innovation apart is its completely indigenous design. Except for..