CCI approves Adani Group’s Renew Exim DMCC’s acquisition of majority stake in ITD Cementation | Stock Market News
The Competition Commission of India (CCI) has approved the proposal of Adani Group’s arm Renew Exim DMCC to acquire a majority stake in ITD Cementation India. Renew Exim DMCC has proposed to acquire up to 72.64% stake in ITD Cementation India for about ₹5,757 crore.
The proposed deal involves Renew Exim DMCC buying approximately 46.64% equivalent to 8,01,13,180 shares of the total issued and voting equity share capital of the ITD Cementation India Ltd. The Competition Commission of India has granted its approval to the acquisition on 28 January, 2025.
ITD Cementation India Ltd is an engineering and construction company undertaking heavy civil, infrastructure and engineering, procurement and construction (EPC) business and operating in India and overseas.
Renew Exim DMCC is an Adani Group company incorporated in Dubai, United Arab Emirates. It is a holding company engaged in the business of investment in commercial enterprises and management and does not have any operations in India.
In October 2024, Renew Exim DMCC announced it had entered into an agreement with ITD Cementation’s promoter Italian-Thai Development Public Co. to buy a 46.64% stake in the company for ₹3,204 crore.
Renew Exim DMCC has launched an open offer for further acquisition of up to 4,46,64,772 fully paid-up equity shares, representing approximately 26% stake of the ITD Cementation India for ₹2,553 crore, contingent upon full subscription.
In total, Renew Exim DMCC will acquire a 72.64% stake in ITD Cementation India. As of Q2FY25, ITD Cementation India had a consolidated work order book of ₹17,986 crore.
Adani Group Cement Business Acquisitions
The billionaire Gautam Adani-led conglomerate has been expanding its cement business rapidly through a series of acquisitions. In 2022, it acquired Holcim’s Indian assets, which included its stake in Ambuja Cements and ACC, which made Adani group the country’s second-largest cement producer.
In June 2024, Adani announced the acquisition of Hyderabad-based Penna Cement at an enterprise value of ₹10,422 crore.
Further, in October, the group announced acquisition of CK Birla group firm Orient Cement at a valuation of ₹8,100 crore.
At 2:30 PM, ITD Cementation India shares were trading 0.38% higher at ₹534.50 apiece on the BSE, commanding a market capitalisation of over ₹9,192 crore.
