The Competition Commission of India has approved the Adani Group’s Renew Exim DMCC acquisition of a majority stake in ITD Cementation India for ₹5,757 crore.
The Competition Commission of India (CCI) approved the acquisition proposal from Renew Exim DMCC, an Adani Group company, for a majority stake in ITD Cementation India Ltd. on January 28, 2025. Renew Exim DMCC, based in Dubai, United Arab Emirates, plans to acquire up to 72.64% of ITD Cementation India for approximately ₹5,757 crore.
ITD Cementation India Ltd. is an engineering and construction company specializing in heavy civil infrastructure, engineering, procurement, and construction (EPC) projects, both within India and internationally. The acquisition involves Renew Exim DMCC purchasing 46.64% of ITD Cementation’s shares, equating to 8,01,13,180 shares of the total issued and voting equity share capital of the company.
In addition to the 46.64% stake acquisition, Renew Exim DMCC has launched an open offer to purchase an additional 26% of ITD Cementation India, or 4,46,64,772 fully paid-up equity shares, for ₹2,553 crore, contingent on full subscription. With this acquisition, Renew Exim DMCC will hold a controlling 72.64% stake in ITD Cementation.
The acquisition is part of the Adani Group’s broader strategy to strengthen its presence in the cement sector. The group has rapidly expanded its cement business through several significant acquisitions in recent years. In 2022, Adani acquired Holcim’s Indian assets, which included stakes in Ambuja Cements and ACC, making the Adani Group the second-largest cement producer in India. Additionally, in June 2024, the group acquired Hyderabad-based Penna Cement for ₹10,422 crore, followed by the October acquisition of Orient Cement for ₹8,100 crore.
As of Q2FY25, ITD Cementation India had a consolidated work order book valued at ₹17,986 crore, highlighting its strong market position. At 2:30 PM on January 30, 2025, ITD Cementation India’s shares were trading 0.38% higher at ₹534.50 per share, with a market capitalization exceeding ₹9,192 crore.
