MUMBAI: The Adani Group is reportedly leading the race to acquire a 46.64 per cent promoter stake in ITD Cementation India, an acquisition that could significantly enhance its in-house civil engineering capabilities.
The deal, valued at Rs5,888.57 crore (approximately $700 million), will be followed by a fully subscribed open offer, according to a report by the Economic Times.
If completed, this acquisition would further strengthen the Adani Group’s infrastructure portfolio, which already spans airports, highways, ports, power plants, and real estate.
By integrating ITD Cementation’s expertise in engineering, procurement, and construction (EPC), the conglomerate could gain a competitive edge in executing large-scale infrastructure projects. Reports suggest that both parties have already reached an agreement, with a formal announcement expected shortly.
ITD Cementation India, with its origins dating back to pre-independence India as a UK-based EPC company, has long been a key player in India’s civil engineering and construction sectors.
Several ownership charnges
Over the decades, the company has undergone multiple ownership changes but remains a major contributor to the country’s infrastructure landscape.
For the Adani Group, the acquisition aligns with its aggressive growth strategy, particularly in the infrastructure and cement sectors.
Chairman Gautam Adani, speaking at the group’s 32nd Annual General Meeting (AGM) in June, had underscored the group’s readiness to seize opportunities in India’s booming infrastructure sector, which is projected to require $2.5 trillion in investment over the next decade.
