Adani's Renew Exim DMCC Seizes Major Stake in ITD Cementation India

Renew Exim DMCC, part of the Adani Group, gains approval from India's Competition Commission to acquire a majority stake in ITD Cementation India. The acquisition includes 46.64% stake from promoters and a subsequent open offer for an additional 26% from public shareholders, enhancing Adani's cement business.

The Competition Commission of India greenlit Adani Group's Renew Exim DMCC proposal to obtain a controlling stake in ITD Cementation India on Tuesday. The deal is valued at approximately Rs 5,757 crore.

ITD Cementation India, known for its heavyweight civil infrastructure and EPC services, will see a 72.64% takeover by Renew Exim, following both an initial 46.64% acquisition and an open offer for another 26% stake.

This strategic acquisition aligns with Adani Group's aggressive expansion in the cement sector, following its significant past acquisitions, including Holcim's Indian assets and Hyderabad-based Penna Cement.

(With inputs from agencies.)