Adani Group to acquire 46.64% stake in ITD Cementation India for Rs.5,889-Cr: report

The Adani Group is to acquire the promoter’s 46.64% stake in Mumbai-headquartered, publicly-listed ITD Cementation India to bolster its in-house civil engineering capabilities. At current market value, a successful deal would be pegged at INR 5,888.57 crore (USD 700 million), inclusive of a fully subscribed open offer (for a 26% stake) that will follow the promoter stake purchase.ITD Cementation is an engineering producement and construction (EPC) company operating in India for nine decades with an established presence and expertise in Maritime Structures, Mass Rapid Transit Systems, Airports, Hydro-Electric Power, Tunnels, Dams & Irrigation, Highways, Bridges & Flyovers, Industrial Buildings and Structures, Foundation & Specialist Engineering.