Priyanka Tiwari
Share
Renew Exim DMCC, a Dubai-based subsidiary of the Adani Group, has successfully completed its majority stake acquisition in engineering and construction firm ITD Cementation India Ltd. The acquisition, financed through international bond issuance, saw key participation from global institutional investors—including BlackRock.
Key Acquisition Details
Promoter Stake Acquisition: Renew Exim is acquiring a 46.64% stake from ITD Cementation’s promoters.
Open Offer: An additional 20.81% equity was acquired via an open offer announced in October 2024.
Final Stake: Post-deal, Renew Exim will hold 67.45% of ITD Cementation.
Transaction Value: The deal is valued at Rs 5,757 crore, comprising Rs 3,204 crore for the promoter stake and Rs 2,553 crore under the open offer.
The share purchase agreement was signed on October 25, 2024, and all formalities are underway to finalize the acquisition from Italian-Thai Development Public Company Ltd.
Strategic Value for Adani Group
The acquisition is seen as a major step in strengthening Adani’s execution capabilities across its infrastructure portfolio. “ITD Cementation brings proven expertise and a strong order book, making it a strategic fit as we expand our infrastructure footprint,” the Adani Group stated.
ITD Cementation specializes in marine, metro, airport, and industrial projects, with a consolidated order book of Rs 17,986 crore as of Q2FY25.
BlackRock’s Participation and Market Significance
The transaction was funded through a bond issuance that received strong investor interest. BlackRock’s involvement adds significant credibility, especially amid ongoing legal scrutiny of the Adani Group. A Mumbai-based analyst noted, “BlackRock’s participation signals that major institutional investors still back Adani’s long-term infrastructure strategy.”
Regulatory Approvals and Market Reaction
The Competition Commission of India (CCI) approved the acquisition on January 28, 2025. As of 1:30 p.m. Wednesday, ITD Cementation’s stock was trading at Rs 534.50, up 0.38%, giving the company a market capitalisation of Rs 9,192 crore.
Read More: Reliance Jio and Airtel Introduce Cheapest Annual Prepaid Plans for Long Term Users
