The acquisition will be followed by an open offer to buy an additional 26% or 44.7 million shares from minority shareholders at Rs 571.68 per share. If fully subscribed, this will result in a total outlay of around Rs 57.59 billion for Adani Group, securing a 73% stake in ITD Cementation, a leader in maritime structures and engineering projects. This acquisition would mark Adani Group’s twelfth acquisition this year.

ITD Cementation’s portfolio includes work on Jawaharlal Nehru Port Trust and ports in Tuticorin, Haldia, Mundra, and Vizhinjam, as well as Delhi and Kolkata metro projects. Seen as strategically aligned with Adani’s expansion into ports, infrastructure, power, and real estate, ITD Cementation also shares business ties with Adani in hydropower, marine, and the 594-km Ganga Expressway toll project. Maritime structures like wharfs, piers, container terminals, berths, and oil jetties form the largest segment of ITD Cementation’s order book, accounting for 34.5%.