Adani acquires 46.64 per cent stake in ITD Cementation for Rs 32.04 billion

Renew Exim DMCC, a wholly owned offshore entity of Adani Group, has entered into an agreement to acquire 46.64 per cent stake in ITD Cementation for Rs 32.04 billion from ItalianThai Development Public Corporation. Post the acquisition an open offer for an additional 26 per cent stake will be issued comprising 44.7 million equity shares of Rs 571.68 each. In case the open offer is fully subscribed Adani will acquire 73 per cent stake in the company for Rs 57.59 billion. The move will enable the group to have in house engineering, procurement and construction (EPC) and civil engineering capabilities.