Renew Exim Acquires Stake in ITD Cementation
Renew Exim DMCC, an Adani Group company, has acquired a 46.64% stake in engineering and construction firm ITD Cementation India for Rs 3,204 crore. The acquisition was made through a share purchase agreement with the promoters of ITD Cementation at a price of Rs 400 per share.
This acquisition is accompanied by an open offer by Renew Exim to purchase an additional 26% stake in ITD Cementation from public shareholders at Rs 571.68 per share. This open offer, if fully subscribed, would amount to Rs 2,553 crore.
The acquisition of ITD Cementation is expected to boost Adani's civil engineering capabilities, particularly in sectors such as airports, highways, and metro projects. ITD Cementation specializes in engineering and construction projects, with a portfolio that includes metro systems, maritime structures, mass rapid transit systems, airports, hydroelectric power, tunnels, dams & irrigation, highways, bridges & flyovers, industrial structures, and buildings.
In the financial year 2024, ITD Cementation reported revenues of Rs 7,542 crore and a profit of Rs 274 crore.
This acquisition follows Adani Group's recent acquisition of Orient Cement, a CK Birla group firm, for Rs 8,100 crore. These acquisitions are part of Adani Group's expansion drive in the cement and infrastructure sectors.