Following this acquisition, Adani Group plans to make an open offer to minority shareholders to buy an additional 26% stake, priced at Rs 571.68 per share. If the offer is fully subscribed, the total cost of the acquisition could reach approximately Rs 5,759 crore.

Strengthening Engineering Capabilities

This acquisition underscores Adani Group’s aggressive expansion efforts, marking its 12th acquisition in 2024 alone. ITD Cementation is well-regarded for its expertise in maritime structures and engineering, having successfully completed major projects such as those at Jawaharlal Nehru Port Trust and the metro systems in Delhi and Kolkata. The company has existing collaborations with the Adani Group in areas such as hydropower and marine infrastructure, including the 594-km Ganga Expressway toll road. Notably, maritime structures represent 34.5% of ITD Cementation's current order book.

Market Performance

In anticipation of the acquisition news, ITD Cementation's stock has seen impressive growth, surging 86.82% year-to-date. In July 2024, the company indicated that its promoters were considering a potential divestment, although the process was still in its early stages.

About ITD Cementation

ITD Cementation India is a leading player in the engineering and construction sector, with a diverse portfolio that encompasses metro systems, maritime infrastructure, airports, and mass rapid transit systems. The firm has delivered projects across various sectors, including hydroelectric power, tunnels, dams, irrigation, highways, bridges, and industrial structures, further solidifying its position in the industry.