Gautam Adani gets CCI clearance, set to acquire Rs 5757 crore stake in...

Adani Group of billionaire Gautam Adani is set to acquire a majority stake in yet another company. The group has been expanding its business through acquisitions, new ventures and other things. Now, the Competition Commission of India (CCI) has approved Adani Group's arm Renew Exim DMCC's proposal to acquire a majority stake in ITD Cementation India for about Rs 5,757 crore.

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. "The proposed combination involves the acquisition by Renew Exim DMCC (acquirer) of approximately 46.64 per cent equivalent to 8,01,13,180 shares of the total issued and voting equity share capital of the ITD Cementation India Ltd (target)," CCI said in a release.

Renew Exim DMCC is incorporated in Dubai, United Arab Emirates, and belongs to the Adani group. It is a holding company engaged in the business of investment in commercial enterprises and management and does not have any operations in India.

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In total, Renew Exim DMCC will acquire a 72.64 stake in ITD Cementation India. In October 2024, Renew Exim DMCC announced it had entered into an agreement to acquire a 46.64 per cent stake in ITD Cementation India from its promoters for Rs 3,204 crore.

The acquisition also comes with an open offer by Renew Exim to acquire an additional 26 per cent stake in an engineering and construction firm from public shareholders for Rs 2,553 crore, if fully subscribed. Gautam Adani is the second-richest person in India with a real-time net worth of USD 56.2 billion, as per Forbes.  The Adani Group expanded its cement business rapidly through a series of acquisitions.

(With inputs from PTI)