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

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

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)

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)

Next Story
Equipment

Better Concrete Handling

Efficiently handling the transportation and placement of concrete is essential to help maintain the quality of construction, meet project timelines by minimising downtimes, and reduce costs – by 5 to 15 per cent, according to Sandeep Jain, Director, Arkade Developers. CW explores what the efficient handling of concrete entails.Select WellFirst, a word on choosing the right equipment, such as a mixer with a capacity aligned to the volume required onsite, from Vaibhav Kulkarni, Concrete Expert. “An overly large mixer will increase the idle time (and cost), while one that ..

Next Story
Real Estate

Dharavi Rising!

Dharavi, Asia’s largest informal settlement, stands on the cusp of a historic transformation. With an ambitious urban renewal project finally taking shape, millions of residents are looking ahead with hope. But delivering a project of this scale brings immense challenges – from land acquisition to rehabilitate ineligible residents outside Dharavi and rehabilitation to infrastructure development. It also requires balancing commercial goals with deep-rooted social impact. At the helm is SVR Srinivas, IAS, CEO & Officer on Special Duty, Dharavi Redevelopment Project (DRP), Government..

Next Story
Infrastructure Urban

Patel Engineering Secures Two Projects Worth Rs 20.37 Billion

Patel Engineering Ltd has secured two important infrastructure projects valued at Rs 20.37 billion. The company received an order from the City and Industrial Development Corporation of Maharashtra Ltd (CIDCO) for dam construction and associated works in Maharashtra. The project will be executed over a period of 42 months. Another project, awarded by the North Eastern Electric Power Corporation Ltd (NEEPCO), involves the development of a 240 MW hydropower project in Arunachal Pradesh. The project scope includes civil construction, testing, commissioning, and installation of hydro-mechanical e..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?