<body><div><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=0w7mmX_0wNwTior00" alt="https://img.particlenews.com/image.php?url=0w7mmX_0wNwTior00" width="831" height="554" >Adani Group is poised to take over a 73% stake in ITD Cementation India for an estimated ₹5,759 crore. This strategic acquisition aims to enhance the conglomerate’s engineering, procurement, and construction capabilities.What Happened: Renew Exim DMCC, a fully owned subsidiary of the Adani promoter family, has entered into an agreement with ITD Cementation's promoter, Italian-Thai Development Public Co., to acquire a 46.64% stake at ₹400 per share, amounting to ₹3,204 crore, the company said in an exchange filing.Following this, an open offer will be extended to acquire an additional 26% from minority shareholders at ₹571.68 per share.If the open offer is fully subscribed, Adani Group will secure a 73% stake in ITD Cementation. This acquisition marks Adani’s twelfth this year, strengthening its foothold in the maritime structures and engineering sector.ITD Cementation, renowned for its involvement in significant projects like the Jawaharlal Nehru Port Trust and Delhi Metro, aligns with Adani’s strategic expansion in ports, infrastructure, and real estate.Why It Matters: The acquisition of ITD Cementation is part of a broader strategy by the Adani Group to expand its influence in India’s infrastructure sector.Earlier this year, Adani was reported to be on an aggressive acquisition spree, armed with a $3 billion fund to become India’s leading cement producer. The group has been eyeing several high-profile cement acquisitions, including Penna Cement, Saurashtra Cement, and others.This move comes amid a surge in infrastructure development in India, driven by record government spending. The acquisition of ITD Cementation not only strengthens Adani’s position in the construction sector but also complements its existing portfolio, which includes recent acquisitions like Ambuja Cements’ stake in Orient Cement.As Adani continues to expand its infrastructure footprint, this acquisition underscores its commitment to becoming a dominant player in the industry.Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.Photo by Gonzalo Lanzilotta for BenzingaDon't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.</div></body>

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Adani Group To Acquire Majority Stake In ITD Cementation For An Estimated ₹5,759 Cr

Adani Group is poised to take over a 73% stake in ITD Cementation India for an estimated ₹5,759 crore. This strategic acquisition aims to enhance the conglomerate’s engineering, procurement, and construction capabilities. What Happened: Renew Exim DMCC, a fully owned subsidiary of the Adani promoter family, has entered...