Adani Group to Acquire Stake in ITD Cementation

Italian Thai Development is selling a 46.64% stake in ITD Cementation to Renew Exim DMCC, a subsidiary of the Adani Group, for ₹3,204 crore at ₹400 per share. This transaction has prompted an open offer for an additional 26% of the company’s shares at ₹571.68 per share, potentially raising the Adani Group's total ownership to 72.64% if fully accepted. The deal is part of the Adani Group's broader strategy to expand its infrastructure sector footprint in India and is subject to regulatory approvals. Market reactions have seen ITD Cementation's share price rise significantly this year, despite a recent slight decline. The acquisition follows a competitive bidding process that included other potential buyers, highlighting the growing interest in India's infrastructure sector. The move aligns with Adani's aggressive acquisition strategy post-COVID, particularly in the cement and infrastructure industries.