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
Infrastructure Energy

REC Transfers HVDC Project to Power Grid

REC Limited has successfully handed over the Special Purpose Vehicle (SPV) for a High-Voltage Direct Current (HVDC) transmission project to Power Grid Corporation of India Limited (PGCIL). This strategic move aligns with the nation's objectives to strengthen its power transmission network. Key Highlights: Project Overview: The HVDC project, under the inter-state transmission system (ISTS) initiative, is a critical component of India's push toward robust and efficient electricity transmission. It aims to handle bulk power transfer across long distances while ensuring minimal losses. Role of RE..

Next Story
Infrastructure Transport

NF Railway Collaborates with IIT Guwahati

The Northeast Frontier (NF) Railway has signed strategic Memorandums of Understanding (MoUs) with IIT Guwahati to foster technological advancements and improve railway operations in the region. This partnership focuses on innovative solutions to enhance safety, efficiency, and sustainability in rail infrastructure. Key Highlights: Purpose of MoUs: The collaboration aims to leverage IIT Guwahati's expertise in technology and research for implementing cutting-edge solutions across railway operations. Key areas of focus include: Automation and digitization in maintenance. Sustainability initiati..

Next Story
Infrastructure Transport

Danapur Division Modernization Plans Revealed

The Railway Board has unveiled ambitious plans for the expansion and modernization of the Danapur Division, a critical hub under the East Central Railway. The initiative focuses on infrastructure development, enhanced passenger amenities, and operational efficiency. Key Highlights: Scope of Modernization: The Railway Board's blueprint emphasizes: Upgrading existing infrastructure to accommodate more passenger and freight traffic. Improving station facilities, such as platforms, waiting areas, and connectivity. Introducing advanced signal systems for safer and smoother operations. Freig..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000