Adani to acquire 46.64% stake in ITD Cementation for Rs 58.88 billion

23 Sep 2024 CW Team

The Adani Group is set to acquire a 46.64% stake in ITD Cementation India from its promoters, a deal valued at Rs 58.88 billion, including a fully subscribed open offer. This acquisition will strengthen Adani’s in-house civil engineering capabilities, as the group continues expanding its infrastructure portfolio across airports, highways, ports, and real estate.

Italian-Thai Development Public Co, the current promoter, holds a 46.64% stake in ITD Cementation India, an engineering, procurement, and construction (EPC) company known for its expertise in maritime structures and urban infrastructure projects. ITD’s recent projects include metro works in Delhi and Kolkata and major port developments in Tuticorin and Mundra. Adani's interest in the company aligns with its broader infrastructure ambitions, including marine and hydropower ventures, and positions the conglomerate to benefit from upcoming government infrastructure projects.

This would be Adani’s 11th acquisition in 2024 and is expected to be routed through Adani Enterprises Ltd (AEL). The acquisition aligns with Adani’s growing presence in green energy and large-scale infrastructure projects.

ITD Cementation, with an order book of Rs 185.36 billion, continues its operations across India, Sri Lanka, and Bangladesh, with ongoing projects in various sectors like hydropower, highways, and metro systems. The company’s management has indicated that the stake sale will not impact its day-to-day operations or growth trajectory. (ET)

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