Adani Group’s subsidiary, Renew Exim DMCC has received approval from the Competition Commission of India (CCI) to acquire a 72.64% stake in ITD Cementation India for ₹5,757 crore. This strategic move strengthens Adani’s presence in the infrastructure and construction sectors, intensifying competition with UltraTech Cement.
The CCI has approved Renew Exim DMCC’s plan to acquire a majority stake in ITD Cementation India, a leading engineering and construction firm. Initially, the company will acquire 46.64% of the shares, followed by an open offer to public shareholders for an additional 26%. This acquisition aligns with Adani Group’s expansion strategy which has seen aggressive investments in infrastructure and cement industries.
Renew Exim DMCC, a Dubai-based investment entity of the Adani Group, is acquiring an initial 46.64% stake worth ₹3,204 crore. Following SEBI regulations, an open offer has been launched to acquire an additional 26%, valued at ₹2,553 crore. If fully subscribed, the total stake in ITD Cementation will reach 72.64%, strengthening Adani’s position in India’s construction sector.
Adani Group has been actively expanding its cement business. In 2022, it acquired Holcim’s Indian assets, making it the country’s second-largest cement producer. More recently, in 2024, Adani acquired Penna Cement for ₹10,422 crore and Orient Cement for ₹8,100 crore. These acquisitions have intensified competition with UltraTech Cement, the industry leader with over 150 million tonnes of annual production capacity.
This acquisition enhances Adani’s infrastructure portfolio, leveraging ITD Cementation’s expertise in engineering, procurement and construction projects. With a growing presence in the construction and cement industries, Adani Group is set to play a dominant role in shaping India’s infrastructure sector.
As of January 29, 2025, 9:45 AM, the shares of ITD are trading at ₹526.60 per share with a surge of 2.78% from its previous day’s closing price. Over the last month, the stock has declined by 1.20%. The stock has a 52-week high and 52-week low of ₹694.30 per share and ₹256.10 per share respectively.
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Published on: Jan 29, 2025, 2:42 PM IST
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