In a recent move, Adani Dubai ITD Cementation acquisition made headlines with Adani Group’s Dubai-based firm, Renew Exim DMCC, securing a 46.64% stake in India’s ITD Cementation. This acquisition marks another major step in Adani’s infrastructure growth strategy. It reflects the group’s commitment to expanding its footprint in India’s construction and engineering sectors.
Adani Dubai ITD Cementation Acquisition Details
Adani’s Dubai-based Renew Exim DMCC acquired 46.64% of ITD Cementation at Rs 400 per share, totaling Rs 3,204 crore. This acquisition marks a shift in ITD Cementation’s ownership, as Renew Exim DMCC becomes the new promoter upon regulatory clearance. Additionally, Adani Group plans an open offer to buy another 26% of shares at Rs 571.68 per share, totaling Rs 2,553 crore if fully tendered. This acquisition signifies the group’s confidence in ITD Cementation’s potential and value in India’s growing infrastructure market.
Adani Group’s Ongoing Cement Expansion
The acquisition follows Adani’s recent purchase of a 46.8% stake in Orient Cement, raising its annual cement capacity to 100 million tons. This move intensifies competition with UltraTech Cement, which holds a capacity of 150 million tons and aims to expand to 200 million tons by 2027. Adani’s acquisitions, including Sanghi and Penna Cement, reinforce its commitment to establishing a solid presence in the cement industry.
ITD Cementation’s Market Presence
ITD Cementation, operating in India for over nine decades, has built expertise in various infrastructure sectors. Its projects span maritime structures, rapid transit systems, hydroelectric power, and highways. In FY 2024, it reported revenues of Rs 7,542 crore, showcasing its financial health and importance in India’s infrastructure ecosystem. With Adani’s acquisition, ITD Cementation gains a strong partner to support its growth and expand its capabilities.
The Adani Dubai ITD Cementation acquisition is a strategic move that aligns with Adani’s ambitions in India’s infrastructure landscape. The group’s investments in construction and cement assets underscore its commitment to India’s growth, enhancing its infrastructure and market influence.
