Monday, February 17, 2025
HomeNewsTop NewsCCI approves Adani Group's 72.64% stake acquisition in ITD Cementation India

CCI approves Adani Group’s 72.64% stake acquisition in ITD Cementation India

The Competition Commission of India (CCI) has approved Adani Group entity Renew Exim DMCC’s acquisition of up to 72.64% stake in engineering firm ITD Cementation India, a deal, analysts have said, would further boost its construction capabilities.

Dubai-incorporated Renew Exim DMCC will pick up 46.64%, or 8,01,13,180 shares, of ITD Cementation India, according to a statement by the antitrust regulator.

It has also made an open offer for another 26% in ITD Cementation from public shareholders to comply with the regulatory requirement that kicks in when a company buys more than 25% in a listed firm.In an October 2024 exchange filing, ITD Cementation India had said its Thailand-based promoter–Italian-Thai Development Public Company–had signed a pact to sell its 46.64% stake to Renew Exim DMCC for Rs 3,204 crore. Including the open offer, the acquisition was estimated to cost the Adani Group unit Rs 5,700 crore.

ITD Cementation India’s shares 1.2% on the BSE on Tuesday to Rs 513.30 a piece, exceeding a 0.7% rise in the Sensex.

Various companies of Adani Group in India have plans to invest $100 billion over the next decade, it had said earlier.

Renew Exim DMCC is a holding company engaged in the business of investment in commercial enterprises and management and doesn’t have operations in India, the CCI said.

Last week, Adani Infra sought the antitrust regulator’s clearance to pick up a majority stake in PSP Projects. The ports-to-power conglomerate has been bolstering its capabilities to build complex infrastructure projects, analysts have said.

ITD Cementation India is an engineering and construction company that undertakes heavy civil, infrastructure, and engineering, procurement and construction (EPC) business, the regulator said.

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