Adani Group’s Renew Exim DMCC to acquire 46.64% stake in ITD Cementation for Rs 3,204 crore

Renew Exim DMCC, a Adani Group firm, has entered into an agreement to acquire 46.64 percent stake in engineering and construction firm ITD Cementation India from its promoters for Rs 3,204 crore at Rs 400 per share, the company announced in a stock exchange notification. 

This acquisition comes alongside an open offer by Renew Exim to acquire an additional 26 percent stake in ITD Cementation from public shareholders at Rs 571.68 per share, amounting to Rs 2,553 crore if fully subscribed. 

ITD Cementation had said its promoter Italian-Thai Development Public Company Ltd in July 2024 said that was exploring selling its stake in the civil engineering company, and the process was back then in the preliminary stage. 

The recent purchase is set to boost Adani’s civil engineering capabilities as it scales up in sectors such as airports, highways and metro projects. 

ITD Cementation specialises in engineering and construction projects, with a portfolio spanning metro systems and maritime structures, mass rapid transit systems, airports, hydro-electric power, tunnels, dams & irrigation, highways, bridges & flyovers, industrial structures and buildings.  

For financial year 2024, ITD Cementation reported revenues of Rs 7,542 crore and profit of Rs 274 crore.

Earlier on October 22, Adani-led Adani Group said it will acquire CK Birla group firm Orient Cement at a valuation of Rs 8,100 crore as part of its expansion drive. 

Ambuja Cements, the cement and building material company of Adani Cement and part of the diversified Adani Group, has signed a binding agreement for the acquisition of Orient Cement Ltd (OCL) at an equity value of Rs 8,100 crore. 

“Ambuja will acquire 46.8 per cent shares of OCL from its current promoters and certain public shareholders,” according to a joint statement. The acquisition will be fully funded through internal accruals, it added.