Adani Group’s subsidiary, Renew Exim DMCC, has entered a definitive agreement to acquire a 46.64 per cent equity stake in ITD Cementation India from Italian-Thai Development Public Company (ITD) for Rs 3,204 crore, at a price of Rs 400 per share. This strategic acquisition is expected to strengthen Adani's civil engineering capabilities, aligning with the Group’s expansion into key infrastructure sectors such as airports, highways, and metro rail projects.
As part of the acquisition, Renew Exim has also unveiled an open offer to acquire an additional 26 per cent stake in ITD Cementation from public shareholders, offering Rs 571.68 per share. If fully subscribed, the open offer would amount to Rs 2,553 crore. The open offer price represents a 6 per cent premium over ITD Cementation’s last closing price of Rs 539.
The share price of ITD Cementation has surged over 180 per cent in the past year, bringing its market capitalisation above Rs 9,260 crore. In September, shares hit the upper circuit with a 20 per cent rise after reports surfaced of Adani Group's interest in acquiring ITD’s stake. Adani Enterprises' shares also saw a 2 per cent increase at the time.
Back in July 2024, ITD Cementation confirmed that its promoter, Italian-Thai Development, was exploring a sale of its stake, with discussions in preliminary stages.
Following this transaction, Adani’s Renew Exim will gain control over ITD Cementation, while ITD will step down as a promoter shareholder. ITD Cementation’s board will be reconstituted, with Adani-nominated directors joining and ITD representatives resigning. Both the acquisition and open offer remain subject to Sebi regulations and other statutory approvals, with specific non-compete clauses and standstill agreements in place until the deal’s closure.
ITD Cementation, known for its expertise in engineering and construction, has a portfolio that includes major metro systems and maritime infrastructure, with projects such as the Delhi and Kolkata metros. This acquisition is anticipated to further strengthen Adani's presence in complex infrastructure development.
