Adani Group set to acquire 46.64% stake in ITD Cementation India for Rs 5,888.57 crore
Adani Group has emerged as frontrunner in the race to acquire the promoter’s 46.64% stake in ITD Cementation India to bolster its in-house civil engineering capabilities, said people aware of the matter. At current market value, a successful deal would be pegged at 5,888.57 crore ($700 million), inclusive of a fully subscribed open offer that will follow a promoter stake purchase.
The infrastructure conglomerate led by Gautam Adani is ramping up its expansive portfolio spanning airports, highways, ports, power plants and real estate projects. Both sides came to an agreement earlier this week and a formal announcement is due soon, said one of the persons.
However, this could not be independently verified.
ITD Cementation India is an engineering, procurement and construction (EPC) company with roots in the UK dating back to before India’s independence, having changed hands several times since.
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