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Adani Gets CCI’s Nod For Majority Stake Acquisition In ITD Cementation

The company will also be able to gain a boosted presence in engineering, procurement and construction (EPC) projects across India. The controversies of Adani Scandal will also be put to a halt.

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Adani Gets CCI’s Nod For Majority Stake Acquisition In ITD Cementation

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  1. Adani Gets CCI’s Nod For Majority Stake Acquisition In ITD Cementation

  2. PAGE 1 The Adani Group has recently acquired CCI nod for its majority stake buy in ITD Cementation India. This deal will allow Renew Exim DMCC to acquire 72.64% of ITD’s total equity share capital for INR 5,757 crore. This would start with an initial purchase of 46.64% and an open offer for an additional 26%. With this acquisition, the Adani Group will be able to further enhance its cement portfolio. The company will also be able to gain a boosted presence in engineering, procurement and construction (EPC) projects across India. The controversies of Adani Scandal will also be put to a halt.

  3. Adani Group Receives Green Signal For Its Recent Acquisition In The Cement Sector: The Competition Commission of India (CCI) has recently given a green signal to the proposed acquisition of a majority stake in ITD Cementation India Limited by Renew Exim DMCC which is a Dubai-based company under the umbrella of the Adani Group. The Renew Exim entity is owned by Vinod Adani. The company will acquire 72.64% of ITD’s total stake. This will be for a value amounting to INR 5,757 crore including the primary transaction and an open offer. Under the acquisition strategy, Renew Exim DMCC will initially purchase 46.64% equity of ITD Cementation. This equates to 8,01,13,180 shares.

  4. As per the SEBI’s Substantial Acquisition of Shares and Takeover (SAST) regulation, 2011, the company has also launched the open offer for the acquisition of an additional 26% stake. This will allow the Adani Group to acquire a controlling position in ITD Cementation. The company is incorporated in Dubai. It is a wholly owned company which is involved in investments and business management. The company currently has no direct operations in India. However, this acquisition will align with the Adani Group’s expansion strategy in the infrastructure segmentation. It will allow the global conglomerate to rise above the allegations of Adani Scandal.

  5. Why Acquire ITD Cementation? ITD Cementation India Limited is one of the leading construction and engineering companies in India. The company specialises in heavy civil infrastructure projects. This includes metro systems, maritime structures, hydroelectric power projects, airports, dams, highways, tunnels, and bridges. The company also has an extraordinary presence in both international and domestic markets. This makes it an extremely strategic acquisition for Adani’s Renew Exim.

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