Billionaire Gautam Adanis conglomerate is poised to expand its business portfolio further as the Adani Group has secured approval from the Competition Commission of India (CCI) to acquire a significant stake in ITD Cementation India Ltd.

Adani Group’s subsidiary Renew Exim DMCC will acquire approximately 46.64% of ITD Cementation India equivalent to 80113180 equity shares. The deal is valued at approximately Rs 5757 crore.

ITD Cementation India is a prominent engineering and construction company engaged in heavy civil infrastructure and engineering procurement and construction (EPC) projects. The company operates both in India and internationally contributing to large-scale infrastructure development.

In a statement the CCI confirmed The proposed combination involves the acquisition by Renew Exim DMCC (acquirer) of approximately 46.64 per cent equivalent to 80113180 shares of the total issued and voting equity share capital of ITD Cementation India Ltd (target).
Adani Group Big Acquisition 
Renew Exim DMCC is incorporated in Dubai United Arab Emirates and belongs to the Adani group. It is a holding company engaged in the business of investment in commercial enterprises and management and does not have any operations in India.

Pursuant to the Sebis SAST (Substantial Acquisition of Shares and Takeovers) Regulations Renew Exim DMCC has launched an open offer for further acquisition of up to 44664772 fully paid-up equity shares having a face value of Re 1 each representing approximately 26 per cent of the voting share capital of the ITD Cementation India the regulator added.

In total Renew Exim DMCC will acquire a 72.64 stake in ITD Cementation India.

In October 2024 Renew Exim DMCC announced it had entered into an agreement to acquire a 46.64 per cent stake in ITD Cementation India from its promoters for Rs 3204 crore.

The acquisition also comes with an open offer by Renew Exim to acquire an additional 26 per cent stake in an engineering and construction firm from public shareholders for Rs 2553 crore if fully subscribed.

The Adani Group expanded its cement business rapidly through a series of acquisitions. In 2022 it acquired Holcims Indian assets which made the conglomerate the countrys second-largest cement producer.

In June 2024 Adani announced the acquisition of Hyderabad-based Penna Cement at an enterprise value of Rs 10422 crore.

Thereafter the country’s second-largest cement manufacturer in October announced that it would acquire CK Birla group firm Orient Cement at a valuation of Rs 8100 crore as part of its expansion drive.

The groups expansion in the industry sparked fierce competition with billionaire Kumar Mangalam Birla whose UltraTech Cement is the market leader with an annual production capacity of more than 150 million tonnes.

(With inputs from PTI)