Adani Infra Seeks CCI Nod for PSP Projects Stake Acquisition
ECONOMY & POLICY

Adani Infra Seeks CCI Nod for PSP Projects Stake Acquisition

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)
          

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)          

Next Story
Infrastructure Urban

Reliance, Diehl Advance Pact for Precision-Guided Munitions

Diehl Defence CEO Helmut Rauch and Reliance Group’s Founder Chairman Anil D. Ambani have held discussions to advance their ongoing strategic partnership focused on Guided and Terminally Guided Munitions (TGM), under a cooperation agreement originally signed in 2019.This collaboration underscores Diehl Defence’s long-term commitment to the Indian market and its support for the Indian Government’s Make in India initiative. The partnership’s current emphasis is on the urgent supply of the Vulcano 155mm Precision Guided Munition system to the Indian Armed Forces.Simultaneously, the “Vulc..

Next Story
Infrastructure Urban

Modis Navnirman to Migrate to Main Board, Merge Subsidiary

Modis Navnirman Limited has announced that its Board of Directors has approved a key strategic initiative involving migration from the BSE SME platform to the Main Board of both BSE and NSE, alongside a merger with its wholly owned subsidiary, Shree Modis Navnirman Private Limited.The move to the main boards marks a major milestone in the company’s growth trajectory, reflecting its consistent financial performance, robust corporate governance, and long-term commitment to value creation. This transition will grant the company access to a broader investor base, improve market participation, en..

Next Story
Infrastructure Urban

Global Capital Flows Remain Subdued, EMEA Leads in Q1 2025

The Bharat InvITs Association’s industry update for Q1 2025 shows subdued global capital flows, with investment volumes remaining at the lower end of the five-year range despite a late 2024 recovery. According to data from Colliers and MSCI Real Capital Analytics, activity in North America declined slightly, while EMEA maintained steady levels and emerged as the top region for investment in standing assets.The EMEA region now hosts seven of the top ten cross-border capital destinations for standing assets, pushing the United States’ share of global activity below 15 per cent. Meanwhile, in..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?